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Letter Many repay their pay day loans without defaulting

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Letter Many repay their pay day loans without defaulting

By Dennis Shaul

This will be an article that is archived ended up being posted on in 2015, and information into the article can be outdated. Its provided limited to personal research purposes that can never be reprinted.

Their state of Utah has enacted crucial consumer security defenses for borrowers of pay day loans, including a requirement that loan providers provide a payment plan that is extended. This interest-free payment choice ended up being codified into legislation during the urging of our trade relationship for many who need more hours to settle their loan. These defenses boost the value associated with pay day loan choice for all customers.

This essential consumer choice is just like one recommended by my company, the Community Financial solutions Association of America (CFSA), inside our industry-leading mandatory member recommendations. Utah’s law permits the consumers additional time to settle their loans during a period of extra months at no charge that is additional without accruing interest. Regrettably, a current Salt Lake Tribune article (“45,000 Utahns could perhaps not pay back payday advances year that is last Oct. 11) mischaracterizes the payday financing industry in Utah while the clients it acts, citing the amount of borrowers signed up for extensive re payment plans. Read More