A new Utah loan practice that puts some borrowers in jail is so bad that even payday lenders oppose it

Perhaps a sign that a loan practice is truly predatory is when even the state’s payday loan industry — often criticized for charging more than 500% annual interest — opposes it.That happened Tuesday when payday lenders supported a bill that seeks to stop one high-interest lender in Utah that found a way to jail some borrowers who default on loans, and then seize their bail money.“That is not a practice we agree with,” said Wendy Gibson, spokeswoman for the payday lo