Colorado election: Why voters are increasingly being expected to cap rates of interest on pay day loans

Colorado election: Why voters are increasingly being expected to cap rates of interest on pay day loans

Colorado voters will determine Proposition 111, a measure that could cap the quantity of interest and costs charged by the loan industry that is payday.

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With payday loan providers who promise quick money in a pinch, numerous Coloradans will find on their own with high-interest-rate loans and a period of financial obligation from where they cannot escape.

Proposition 111 regarding the Nov. 6 ballot would cap the interest that is annual on pay day loans at 36 per cent and eradicate other finance fees and costs. If passed away, the statutory legislation will require impact Feb. 1. Continuer la lecture de « Colorado election: Why voters are increasingly being expected to cap rates of interest on pay day loans »