Category Archives: longterm payday loans

Why voters are now being expected to cap rates of interest on payday advances

Colorado voters will decide Proposition 111, a measure that will cap the total amount of interest and fees charged because of the cash advance industry. (Picture: AP)

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With payday loan providers who promise quick profit a pinch, numerous Coloradans will find by themselves 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 % and eliminate other finance fees and charges. Continue reading