A Colorado team campaigning to limit prices for whatever they call pay day loans claims that “current legislation allows payday loan providers to charge a lot more than 200% interest for little loans geared towards clients that are usually in serious straits. ” 1 The claim is in help of Proposition 111, a Colorado ballot measure to cap yearly finance fees at 36 % for small-dollar loans. 2
May be the claim because of the combined group avoid Predatory payday advances valid? Does law that is current payday loan providers to charge significantly more than 200 per cent interest for little loans? Continue reading “Fact check: Does Colorado legislation enable payday loan providers to charge over 200% interest on little loans?”