Comments about ‘Salt Lake County kicks payday lenders to the curb’

yeah that will help! predatory lending spaced equi-distances, good old orderly utah. What will Utah dictate next Fst food joints for the health of their citizens. Thank God i live in Idaho !!!!!

Thank goodness I live in another state also. It is sad to see pay day loan places on almost every block there in Salt Lake and surrounding areas. We have first hand experience through one of our children that lives there , it has wrecked their lives and yes I know it was their choice to go there, but they are so.... convient..I feel that there should be some restrictions for them.

I've used these places before and it was a lot better than missing my mortgage payment. I am tired of the "holier than thou" types (in Salt Lake County of all places) trying to save me from a problem that doesn't exist.

I am tired of the constant government intrusion. If they are passing laws then they don't believe they are helping people. Ken Baguley, if you don't like these places, then don't visit them.

Government to the rescue! No thanks. I can make it on my own.

This solution only enriches those already in business by limiting the number of competitors. The only real solution is for the state to set reasonable usury laws like we had 30 years ago. At present payday lenders are nothing more than legal loan sharks. They charge interest rates that the old loan sharks would blush at. It used to be that interest rates above 24% was in violation of the usury laws.

Mark Crockett stated that their are disclosure issues with the Payday Industry:

1) All lenders (including payday lenders) are required to disclose the the cost of these loans using an Annual Percentage Rate. A 2006 customer satisfaction survey revealed that over 90 percent of customers know and understand the cost associated with these loans.

2) Under current Utah law, rates are capped at 12 weeks of interest. That means if a customer had a loan out for two years they would only pay the 12 weeks of interest. No additional late fees etc.

3) The state has regulated cash advance loans for 10 years. In those ten years 8 additional restrictions on the business have been passed. The state is well aware of the issues surrounding the industry.

4) Payday Advances remain a cheaper alternative to bouncing checks, overdraft fees, and other costly forms of credit. Consumers choose this product because it saves them money. Do not discount the intellegence of consumers.

Government to the rescue is right. If you use one of these places you need govern(mental) help. go to the bank and take out a loan that won't quadruple if you miss a payment. Or maybe you own one of these scam business and are unhappy about the change? We have laws that protect us from all sorts of other predatory business practices. Unfortunately, this law doesn't sound near tough enough to make a dent in unscrupulous lending.

To: "Too Bad" You don't make sense...let me quote you, "If they are passing laws then they don't believe they are helping people." = Nonsense. How can you help people by allowing blood suckers to continue doing what they are doing? I would never go to such a place...I'd borrow from a friend first and pay him/her back first...One of the purposes of a family is to help in emergencies...How about family?

These quick-loan businesses are popular because they are profitable. The real issue is usury laws intended to protect consumers are almost nonexistant, even in the credit card industry.

Obscene rates are being charged because creditors, like quick-loan businesses, can get away with it. Consumers need to smarten up and not expect any agency to hold on to their purses.

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Thanks once again to our government for sticking their noses where they don't belong! If there are payday lenders wanting to move in then apparently there is a demand to have them there. Where does it stop? It seems like many politicians cannot stop picking on an industry that supplies a service that is greatly needed, especially now. Maybe the people who "finally" put this ordinance into place should take a look around them, sounds like it's time to start limiting our politicians, they're the ones hurting the average person!

To Anonymous: Drug addicts believe they need drugs...Should we allow pushers to exist?

Interest rates are capped in Utah for payday lenders; they cannot charge more than 12 weeks of interest, no matter what. Now that ordinance has been passed in Salt Lake County, the existing loan companies will have less competition coming in, so much for the free market!! Prices are driven down by open competition and a free market.

As far as do whats right for mankind (hogwash). I trust that mankind is smart enough to make straightforward decisions on what is suitable for it's survival WITHOUT having the government in command of our every decision. Thanks anyways though!

Payday lending is an awesome resource to have when I need it. I use payday loans responsibly and have NOT had any problems. In fact, payday loans have helped me to avoid numerous problems and save me money in the long run.

Anonymous: You sound like a lobbyist for the PayDay Loan organization...It's a losing arguement. They create grievous pain to those trying to pay them back...Just ask them...

I love how Joe Hatch would be the first to say that banning abortions will only force women to see illegal providers. Why doesn't that logic apply here, as well?

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.

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.

Just want to add some facts I found:

$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 worked for a collections company that was pretty aggressive about suing those who did not pay their bills. It was always incredible to me that people would use these places when they charged over 500% interest! If you don't pay it back, then you add collection fees, attorney fees, etc. It was a testament every day to me that the best solution is to live within your means, and save for a rainy day so you don't have to use places like this. The only reason I can see needing a payday loan is if you have reached the spending limit on your credit card. Americans need to get themselves out of debt, plain and simple.

We should kick them the the curb alright, we should put these bloodsuckers that prey on the witless poor out of buisness, I thought credit card company's were bad with their legalized plunder, but these guys put them to shame, some would argue the free enterprise line but we dont allow gambling here becouse it's immoral why should we allow these scam lenders to exist?

Payday lenders are located in population centers, convenient locations where customers live, work and shop. Creating arbitrary zoning/licensing laws only hurts consumers by stifiling competition and making it more difficult to access a useful financial tool.

Way to go council comrades -- once again mommy government knows best. Like the other poster pointed out, is it better to miss a mortgage payment and wreck your credit score than pay off fifteen bucks on a loan? These APRs are a joke anyway, it's only hundreds of percent if you wait a YEAR to pay back, which you CAN'T do in the first place.

OK, you've read the message, mommy government says brush your teeth and go to bed now.