The news article headline in the Salt Lake Tribune this week says it all:
Average Utah payday loan interest rate rises to nearly 528% annually — double what Mafia loan sharks charged in the 1960s
And to think: It’s legal. Payday loans — avoid them. Do something else to tide you over to the next paycheck. If you take out a payday loan, you’ll only be making your problem worse. If you’re maxed out and struggling, talk to a lawyer and examine all your options before you make uninformed decisions and start rejecting effective solutions out of hand.