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Nevada Has High Pay-Day Loan Rates

3 Westerns States Cited In New Report

SALT LAKE CITY (AP) — A report says Idaho, Nevada and Utah have among the nation’s highest interest rates for payday loans.

The study released last week by the Pew Charitable Trusts found their rates are so high mainly because they’re among only seven states that impose no legal limits on them.

The Salt Lake Tribune reports that Nevada payday lenders charge an average 521 percent annual interest on their loans. Idaho leads the nation at 582 percent.

 

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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