Category: Installment Loans What Is

Fact check: Does Colorado legislation enable payday loan providers to charge over 200% interest on little loans?

Fact check: Does Colorado legislation enable payday loan providers to charge over 200% interest on little loans?

A Colorado team campaigning to restrict charges for what they call pay day loans claims that “current legislation enables payday loan providers to charge a lot more than 200% interest for little loans geared towards customers that are usually in serious straits.” 1 The claim is with in help of Proposition 111, a Colorado ballot measure to cap yearly finance costs at 36 per cent for small-dollar loans. 2

May be the claim by the group avoid Predatory payday advances valid? Does present legislation enable payday loan providers to charge a lot more than 200 % interest for tiny loans?…