Payday loan providers strip $50 million per from Colorado economy year
DENVER, CO вЂ“ The Center for accountable Lending (CRL) released a written report today showing that payday loan providers charge Coloradans the average of $119 in costs and interest to borrow $392, with the average percentage that is annual (APR) of 129per cent. This practice strips $50 million per year from low-income Coloradans. The report analyzed information posted by the Colorado Attorney GeneralвЂ™s workplace.
Additionally today, a proposed initiative when it comes to November ballot that could cap payday financing prices at 36% comes ahead of the Colorado Initiatives and Title Board. Continue reading