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News of the Competition (04/22/2014)
  • SALT LAKE CITY (4/22/14)--Pew Charitable Trusts released a study that shows what states have the highest and lowest payday loan rates ( Salt Lake Tribune via Associated Press April 20).  Idaho was identified as having the highest interest rates for payday loans at 582%, followed by South Dakota and Wisconsin, both at 574%,  Nevada at 521%, Delaware at 517%, and Utah at 474%. The study found rates were highest in the states that impose no legal limits on them. Among states with storefront payday lenders, the lowest average interest charged was in Colorado at 129%, hitting its legal limit; then Oregon at 156% and Maine at 217%. The report states that 15 states either ban payday loans or cap interest rates at 36%. None of those states have any storefront lenders ...

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