Latest News from News 3

Las Vegas News | Weather | Sports | Traffic - MyNews3

Nevada among highest payday loan rates: 521% annually

Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 4/20 4:37 pm
SALT LAKE CITY (AP) -- According to a report, Nevada, Idaho and Utah have among the nation's highest interest rates for payday loans.

The study, released this week by the Pew Charitable Trusts, found their rates are so high mainly because they're among only seven states that impose no legal limits on them.

The Salt Lake Tribune reports Idaho payday lenders charge an average 582 percent annual interest on their loans to lead the nation.

That's followed by South Dakota and Wisconsin, both 574 percent; Nevada, 521 percent; Delaware, 517 percent; and Utah, 474 percent.

Among states with storefront payday lenders, the lowest average interest charged is in Colorado at 129 percent, which matches its legal limit.

Fifteen states either ban payday loans or cap interest rates at 36 percent.

Share

Slideshows

Popular Right Now:
Poll


All content © Copyright 2014 Intermountain West Communications Company. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service
You may also view our Sitemap.

FCC assistance for any person with disabilities can be provided by contacting us at publicfilehelp@mynews3.com

KSNV Profile & Public Inspection Files

2014 NBCUniversal Media, LLC. All rights reserved. Portions by Broadcast Interactive Media

FOLLOW US!


Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.