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(KSL News) -- The Utah Department of Financial Institutions wants people to know what they are getting into before they do business with payday loan companies.
A new brochure helps people understand the ins and outs of deferred deposit loans, which offer quick money but come with high interest rates. It warns people not to use these loans to finance expenses on an ongoing basis or take out additional loans to make payments.
R. Paul Allred, Deputy Commissioner of the Utah Department of Financial Institutions: "The idea is, these are short-term, meant to be taken care of quickly. The interest you pay doesn't grow very large. So if you borrow $100 and pay it back in a week, you'll pay $10."
You can find the Consumer Guide to Payday Lending at the stores, or follow the link from this site.
