Like many other states, Utah recently put some important protections into place to help protect consumers that take out payday loans. One of these requirements offers lenders the ability to offer extended repayment plans. This option, which includes zero-interest repayment for borrowers, was put into law because of outcries from an organization that demands more time for people to repay their loans. Some believe that this requirement helps borrowers to get more value from payday cash advance loans. An organization called the Community Financial Services Association of America (CFSA), an organization that strives to offer best practices for short term lenders, has lauded this Utah law. This law gives borrowers lots of time to repay their loans, without forcing borrowers to pay higher fees to get an extension on their loans. This flies in the face of some media reports that demonize payday lending companies in the state of Utah, and even the consumers these lenders provide services for. In fact, one article went so…
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