"Utah payday lenders' average interest rate roughly double that of 1960s Mafia loans" SLT headline

Lee Davidson reports in The Salt Lake Tribune that Utah payday lenders charged an average 459% annual interest on tens of thousands of loans issued in 2015, according to the Utah Department of Financial Institutions.  Some Utah payday lenders charged annual interest as high as 1,408%  — or $27 a week on a $100 loan.
http://www.sltrib.com/news/4785118-155/utah-payday-lenders-average-interest-rate

All I Want for Christmas is Inescapable Debt

Thanks to the Center for Responsible Lending for this holiday reminder.  BTW most mainstream banks and CUs now offer a version of payday loans disguised as a great service to customers. 
http://www.youtube.com/watch?v=trqVUWvE92I&lr=1&feature=watch

Credit Unions offer "Payday Alternatives Loan" (PAL)that aren't much different from storefront pay day lenders. According to the CRL, "Twelve million Americans are trapped every year in a cycle of 400% interest payday loans." Check out the CRL: http://www.responsiblelending.org/