Interest on a typical Utah payday loan rises to 554% APR

Utah’s high-interest payday loan companies say the pandemic is wounding their already ailing industry — where nearly one of every three stores closed over a four-year slump amid tightening regulations. Critics say government coronavirus aid may have reduced the need for such loans.As surviving loan stores try to endure, they raised their already astronomic rates — from an average 523% annual percent rate a year ago to 554%, according to a new state report. (That is also 20% hig