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Alternatives expected to sprout up now that Colorado payday lenders are capped

Alternatives expected to sprout up now that Colorado payday lenders are capped

Cap of 36 % price on payday advances could conserve Colorado customers $50 million per year

Colorado voters, because of the widest margin that is positive of state ballot measure this season, decided to cap the expense on payday loans at 36 % per year, an interest rate some lenders argue is simply too low in which to stay company but which backers argued had been necessary.

“This financing item is indeed predatory,” said Corrine Fowler, whom went the effective campaign behind Proposition 111. Read more…

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21 Jan 2020