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Predatory Payday Lending in Colorado. Characterized by high interest levels and costs and brief repayment terms, pay day loans provide short-term loans of $500 or less.

In Colorado, the minimal term is half a year. Until recently, predatory payday lending in Colorado might have interest levels of 45 %, plus origination and upkeep charges.

Defense against Payday Advances

So that you can suppress predatory payday lending in Colorado, the Bell Policy Center joined other customer advocates to guide Proposition 111 regarding the November 2018 ballot to cap payday financing prices and costs at 36 %. It passed with additional than 77 per cent of voters approving the measure.

Prior to the Colorado passed its rate limit, 15 states while the District of Columbia currently applied their very own regulations capping rates of interest on pay day loans at 36 % or less. Over about ten years ago, the U.S. Department of Defense asked Congress to cap payday advances at 36 % for armed forces workers as the loan stores clustered around bases had been impacting army readiness as well as the well being associated with troops.