"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

Comedian John Oliver educates consumers about payday loans

John Oliver is a comedian who does exposé-type newscasts.  Here's his bit on pay day loans. (He has other really good routines pertaining to finances .)  There's still just a bit of raw language but well worth watching. https://www.youtube.com/watch?v=PDylgzybWAw

Payday Loans Cost the Economy

I expect most readers of this blog know that payday loans are toxic for consumers; unfortunately our legislators are more heavily influenced by industry lobbyists than research. Perhaps this data on the negative impact on the economy will hold some weight. “Payday loans cost the U.S. economy nearly $1 billion and thousands of jobs in 2011, according to a report from the Insight Center for Community Economic Development.”

“The study says that the burden of repaying the loans resulted in $774 million in lost consumer spending and 14,000 job losses. Bankruptcies related to payday loans numbered 56,230, taking an additional $169 million out of the economy.”  Read more at: http://www.cnbc.com/id/100701516