Payday Loans Are Big Business in Gem State
(IDAHO FALLS, ID) – Idaho leads the nation in its average annual interest for payday loans. Idahoans who take out unsecured advances pay an average of 582 percent on their loans if the money isn’t paid back within a short amount of time. Utah and Nevada also have comparable interest rates. Experts say payday loaning companies have thrived during the recession, which many low-income families are using to make ends meet. 15 states ban payday loans or cap annual interest rates at 36 percent.