Payday lenders are controversial with cities because they charge ultra-high interest. A 2005 Deseret Morning News series found they charge a median 521 percent annual interest rate. In comparison, the 1960s Mafia charged only 250 percent.

The industry says its fees on two-week loans (about $20 per $100 loaned) are not excessive for the work involved and say they are often less than bounced checks or utility reconnection fees that people with poor credit would face without such loans.

Hilton said, however, "Payday lending is a debt trap. Most people can't pay the loan back when it is due in one or two weeks. They roll it over with additional fees and interest and find it difficult to get out of the loan." She calls it "legalized loan sharking."

While growth in the number of payday loan stores is slowing, it is unclear whether growth in the number or amount of loans or profits is also slowing. Walker said local payday lenders do not discuss that among themselves here. He said publicly owned payday loan companies nationally, however, reported a 6.6 percent growth in profits last year.

Hilton said critics of the industry hope to push for legislation next year that would force companies to disclose how many loans they make here, how many are "rolled over" by people who cannot pay them off on time, and how much is loaned overall by companies.

Data from the state shows Salt Lake City has the most payday loan stores with 30. It is followed by Ogden, 26; Orem, 23; Layton, 19; Logan, 18; West Jordan, 17; St. George and Taylorsville, 16; and Provo and Murray, 14.

Of note, Internet payday lenders are supposed to register with Utah if they do business with residents here. Walker estimates 30,000 online payday lenders exist. But only 77 are registered with the state to do business here.

About all the rest, Walker said, "The majority of these Internet lenders are unregulated and operate off-shore, without giving consumer protections that exist under Utah's Deferred Deposit Loan Act. The Utah Consumer Lending Association believes that consumers win when they deal with a well-regulated, brick-and-mortar lender."

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