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Utah Storefront Payday Lenders refuses to provide Military Loans

According to words of industry association Utah payday loans lenders refuses to provide loans to military people although they allow for giving them low rates authorization according to new law.

The new federal law which is passed lastly and will be comes in effect from Monday, according to it restricts on yearly interest on payday loans, car-title loans and tax refund anticipation loans at 36 percent for military members and their families.

According to payday loan industry spokesman Cort Walker told to a newspaper that Utah Storefront Payday loan can’t make profit according to new law in which only 36 percent can only be charged so rather they wouldn’t do business with military members. He also said that for refusing loan or services to military people wouldn’t violet laws because you can’t force anyone to do business with any particular person that cause them to lose money.

Utah Division of Financial Institutions Supervisor Jerry Jaramillo said that they would sincerely watch the result and outcome of the new laws which has been passed.