Cap of 36 per cent rate on payday advances could conserve Colorado customers $50 million per year
Colorado voters, by the widest good margin of any state ballot measure this season, decided to cap the expense on pay day loans at 36 per cent per year, an interest rate some loan providers argue is simply too low in which to stay company but which backers argued was necessary.
“This financing item is indeed predatory,” said Corrine Fowler, whom went the effective campaign behind Proposition 111. “Financially, folks are maybe not best off whenever using the loans. It’s simply immoral, unjust and wrong.”