Let me tell you regarding the Predatory Lending Landscape
Predatory Lending Landscape
Following the passing of Proposition 111, effectively capping rates of interest and costs on payday loan at 36 %, Colorado is engaging in a period that is new. Our state has accompanied the ranks of 16 other states plus the District of Columbia with either price caps or bans which are complete to stop folks from entering a monetary responsibility trap through payday loan services and products. As more states prohibit shockingly interest that is high, folks are spending less, finding better ways to limited cashflow, plus they are avoiding long-lasting economic pitfalls like bankruptcy. While Colorado has made significant progress, it is imperative to possibly possibly perhaps perhaps not enable our guard straight all the way down in this brand name environment that is new.
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