stephanieplum4404 asked:
I recently went back to school and got some payday loans to help buy books and things now I am in a pickle and am wondering if I have any rights as the consumer…HELP
I recently went back to school and got some payday loans to help buy books and things now I am in a pickle and am wondering if I have any rights as the consumer…HELP
Most states have abolished ‘payday’ loan companies, so I’m somewhat surprised that Utah still allows them. anyway, what you really want to know is this: do the Utah state ‘usury’ laws apply to me when I applied for a ‘payday’ loan. Yes, because Utah obviously allows these establishments the rights to do business, you are protected by usury laws; however, I suspect somewhere in the storefront you entered for this loan, you will find ((I suspect inconspicuously) a frame advising all clients of their rights. Usuary laws protect state residents by establishing a ‘cap’ on what payday loan companies can charge as interest. You might want to do an internet search for utah’s usury laws. There you will get the answer you’re looking for.