Prohibition on triple-digit pay day loan prices switches into effect Feb 1st
The next day, Colorado joins fifteen other states together with District of Columbia in stopping predatory payday lenders from billing Coloradans triple-digit prices to borrow tiny loans of $500 or le. Beginning February first, cash advance organizations can not charge interest and costs that soon add up to over 200per cent APR but must comply with Colorado’s usury limit of 36%. The alteration uses 77% of voters paed Proposition 111 in November, closing a period of predatory payday lending techniques that targeted low-income borrowers, veterans, and communities of color. Continue reading “Prohibition on triple-digit cash advance prices adopts impact Feb 1st”