Predatory Lending Landscape
After the passage through of Proposition 111, effortlessly capping interest levels and fees on payday advances at 36 %, Colorado is getting into a era that is new. Our state has accompanied the ranks of 16 other states in addition to District of Columbia with either price caps or complete bans created to cease folks from entering a financial obligation trap through pay day loan products. Much more states prohibit shockingly interest that is high, individuals are saving cash, finding better answers to restricted income, and tend to be avoiding long-lasting economic pitfalls like bankruptcy. While Colorado has made significant progress, it is important to perhaps not allow our guard straight down in this environment that is new.