A Colorado team campaigning to restrict prices for whatever phone payday loans boasts that “present law permits payday lenders to demand more than 200per cent interest for tiny financial loans directed at consumers that frequently in terrible straits.” The state is within assistance of idea 111, a Colorado ballot measure to limit annual loans expenses at 36 % for small-dollar debts.
Will be the state from the party end Predatory Payday Loans valid? Do current rules let payday loan providers to charge more than 200 percentage interest for smaller financing? Continue reading Fact check: do Colorado law enable payday lenders to recharge over 200per cent interest on tiny debts?