SALT LAKE CITY (AP) — According to a report, Idaho, Nevada and Utah have among the nation’s highest interest rates for payday loans.
The study, released this week by the Pew Charitable Trusts, found their rates are so high mainly because they’re among only seven states that impose no legal limits on them.
The Salt Lake Tribune reports Idaho payday lenders charge an average 582 percent annual interest on their loans to lead the nation.
That’s followed by South Dakota and Wisconsin, both 574 percent; Nevada, 521 percent; Delaware, 517 percent; and Utah, 474 percent.
Among states with storefront payday lenders, the lowest average interest charged is in Colorado at 129 percent, which matches its legal limit.
Fifteen states either ban payday loans or cap interest rates at 36 percent.