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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 pay day loans could conserve Colorado customers $50 million per year

Colorado voters, by the widest good margin of every state ballot measure this season, decided to cap the expenses on payday advances at 36 per cent per year, an interest rate some loan providers argue is simply too low in which to stay business but which backers argued had been necessary.

“This financing item is really predatory,” said Corrine Fowler, whom ran the campaign that is successful Proposition 111. “Financially, folks are maybe perhaps maybe not best off whenever using the loans. (more…)