January 11, 2007

The Payday Loan Industry is misunderstood. The Utah Consumer Lending Association (UCLA) is a trade association organized by Payday lenders in Utah to encourage "Best Practices" for Payday Lenders so that all consumers are informed and treated fairly, according to the rules and regulations of the industry.

The industry in Utah is highly regulated and it serves an abundance of customers needing quick, unsecured, short term loans, check cashing services, tax preparation, and other financial services. Please log onto www.UtahConsumer.org for more information on the UCLA.

A senior economist with the Federal Reserve in Manhattan has just concluded a report (1.09.07) that states:

1) Payday lending does not meet the definition of a "predatory lending" product and

2) The fewer payday lenders allowed in an area (a city, county or state) the more it costs consumers. Simply stated, competition limits payday loan prices.

Resources: http://biz.yahoo.com/prnews