Op-ed: Utah families need payday lending reform

Last week saw an important development in the long simmering public debate over “payday” lending. As most Utahns know, payday loans are relatively small loans, typically about $375, lent with an agreement to repay when the borrower receives their next paycheck. Payday loans have extremely high interest rates averaging about 400 percent per year.By way of comparison, in their heyday, New York City mafia loansharking syndicates typically charged around 250 percent. Although each loan t