Utah gets failing grade for loan protections
Published: August 28, 2008
Utah is failing consumers by not capping "abusive" interest rates on small-dollar loans that ultimately pull individuals into debt spirals and drag down the U.S. economy, according to a state-by-state scorecard released Wednesday by three national consumer groups.
The National Consumer Law Center, the Consumer Federation of America and Consumers Union listed Utah among 14 states receiving failing grades on four kinds of small-dollar loans: payday loans; auto-title loans; six-month, $500 unsecured installment loans; and one-year, $1,000 unsecured installment loans.
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