Loan Sharks by anyother name are still Loan Sharks, and this kind of business is against the law so that should be sufficient cause to shut them down. This ordinance is a step to enforce laws that are already on the books. All they need to do is redefine a Loan Shark and make additions to the present laws. Cities should take it upon themselves to stop licensing such businesses and classify them as an illegal loan operators. A real off the street loan shark offers better terms than these licensed companies that have moved from the streets to a fixed location. The state legislators need to take action against these companies is the only way to get rid of them in their illegal lending, and immoral business. There is a reason we have loan sharking laws and they need to be enforced and defined further at the state level of government. Another criminal lending practice is instore instant credit cards and gift cards with no counciling or person explaing terms and conditions of these cards at point of issue or who to contact. Terms and conditions are not disclosed or partially disclosed that lures victims into bad loans.

I agree with those who view this as, at best, a meaningless action.

Simply restricting the density of these outfits will do nothing to reduce the harm they do.

The most effective means of combating loan sharking is to do a better job of educating people who have no idea, until they've buried themselves in debt, just how debilitating a pay-as-you-go life can be.

The single most important thing I learned that helped me stop living like that was the realization that it was much better to be earning interest (however small) than paying it. That one concept, more than any other, helped me start saving for what I wanted rather than paying a dime in interest on a loan.

The relief of not having those debts hanging over me was immensely more gratifying than more quickly getting any of the things I wanted but didn't really need.

Words to the wise.

I have never used a payday lender and cannot understand the mindset of those that do. When money and interest is truly understood, people would avoid payday lending like a they would a moldy vending machine burrito. I ludicrous what payday lenders do and that people actually use them.

However, This type of regulation has not in the past and will not in the future solve much. Its a government body saying we don't like them and that the citizens are too stupid to understand why. So we will become the paternal guardians and watch our fragile citizens and then life will be good.

It will not be beneficial in the long run, this type of government oversight never is.

These guys still don't hold a candle to Credit Card companies.

In my view, this is the worst kind of regulation for this industry. As the article quotes Mr. Crockett as saying, the regulation simply gives existing pay day lenders fewer competitors. Now the current lenders have the county as their own turf, with no possibility of more competitors taking their business. As the county grows, so will their business.

Additional competition may have forced rates and fees downward but instead they create a virtual monopoly.

I don't use a payday lender but it seems they were providing a needed service. I don't understand the hostility.

If you go to an ATM that is not owned by the bank that you do business with, and withdraw $40, what would be the APR on the "fees" that the two banks would charge you? I'll wager that it would be higher than the "fees" that a payday lender would charge you.

If the county thinks that payday lenders charge too much, maybe other "fees" need to be regulated. Some facts I found: A…

$100 payday advance with a $15 fee = 391% APR
$100 credit card balance with a $37 late fee = 965% APR
$100 utility bill with $46 late/reconnect fees = 1,203% APR
$100 bounced check with $54 NSF/merchant fees = 1,409% APR

Looks to me like it would be a cheaper to take out a short term payday loan than it would be to pay these "fees".

I personally would not use one of these businesses, nor am I an avid supporter, but they serve a purpose to those that use them.

Payday advances play a necessary role, providing hard-working people with a reasonable, well-regulated option for meeting unexpected or unbudgeted expenses and other short-term financial needs. Denying consumers’ access to payday loans via zoning restrictions or outright bans, leads to costlier credit options and greater financial burdens. Working adults are best served when given a variety of options and trusted to make financial decisions based on what's best for them and their families.

One per every 10,000? Since many customers of payday lenders are illegal aliens, that means they'll be able to continue building these stores on the West side as illegals flee restrictive states and come here. Utah already has an estimated 250,000 illegals, that number could double in the next 5 years.

Its not the service, it's the interest rate which is worse than a loan shark. Most people find your business reprehensible and sadly lacking in compasion for the people who can least afford it.

Seems that Salt Lake City may have unwittingly just created a loan sharking monopoly cartel. Whoops.

All of these businesses should be shut down!!

Don't worry. Just slip Shurtliff another $20,000 and all will be forgiven.

I had to use one of these places - only once, I had changed jobs and my paycheck was one day short of when I need to pay my rent, my very patient landlord -NOT, told me to either pay or he would get a court order the same day as my pay to evict me. So I borrowed about 400 dollars, when I went back to pay it the next day the interst rate was over 900%, they advised me to not pay it until after I had two extensions and the interst would only be 300% then. They are insane and out of control, regulation is an understatement, Wimpy only had to pay for two burgers the next day when he wanted one not nine. What kind of society do we live in where companies are allowed to prey on victims of distress, regardless of the reason there is no call to allow them to rape and pilliage the people. These business need to be shut down and banned from operating inside the state boundries.

Good Job Salt Lake for shutting them dowm, Now lets see if we can do the same thing in Utah County, I think they rip you off alot, and they also take you Money $$$$ when you don't have it, what a ripoff that is, I was glad to see today that they are all shut down ,

Didn't you read the article? Salt Lake County didn't shut down all payday lenders, but rather limited the number of payday stores that could open in the county.
So quite to the contrary of your post, SLC erroneously created a monopolistic environment where these shops can charge higher rates and make even more money. Thank Mr. Shurtleff for that.

An APR of 36% is impossible!!! You cannot run any type of loan business and only make $1.38 on a $100 loan. That would not even cover the cost of the utilities; let alone taxes, wages/benefits, rent, etc. When you do a two week loan a $15.00 charge is assessed for each $100.00 borrowed, this equals 391% APR. These are TWO WEEK loans, NOT ONE YEAR loans. Do the math, what is so hard to understand.