Utah Credit Unions Giving Payday Loans
Posted by AlCredit Unions rallied behind the major banks in bashing payday loans and called it “predatory” except it seems that they are into the similar type of loans these days.
According to the Standard, In Utah, many Credit Unions are offering payday loans to their members “demand of specific customers”. In fact according to that article, there are over 8 Credit Unions offering such loans one is charging near 900 percent APR.
According to an article on Payday Loan States, Utah allows payday loans with some restrictions. Below are those restrictions.
Legal (Check Cashers only)
Max Loan Amount: No Limit
Max Charge/APR% for a 14 Day Loan ($100): No Limit
Term: Maximum 12 Weeks
Rollovers Allowed: Not Specified
According to another article on KSL, there are legislation are being considered by that States law makers to limit the payday lenders. However many question if these restrictions will only apply to payday lenders or will they also apply to Credit Unions.
