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Denver Post endorsement: Yes on Proposition 111 to limit loan that is payday

You will possibly not comprehend it, but Colorado’s legislation prevent predatory financing by establishing the top limitation banking institutions may charge on loans at 35 % APR.

Not too we would ever recommend anyone simply just simply simply take in monetary obligation at that crushing-level of good interest, nevertheless it’s a consumer that is great policy that a lot of states have really utilized.

But one type of financing, improvements on pay checks known as payday loan, uses costs to charge customers an average of 129 percent APR on little, short-term loans associated with current reports. Read the rest of this entry »