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Why voters are now being expected to cap rates of interest on payday advances

Why voters are now being expected to cap rates of interest on payday advances

Colorado voters will determine Proposition 111, a measure that will cap the actual quantity of interest and charges charged because of the pay day loan industry. (Picture: AP)

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With payday loan providers who promise quick money in a pinch, many Coloradans will find by themselves with high-interest-rate loans and a period of financial obligation from where they can not escape.

Proposition 111 in the Nov. 6 ballot would cap the annual rate of interest on payday advances at 36 per cent and eliminate other finance fees and costs. If passed away, the law will need impact Feb. 1. Continue reading Why voters are now being expected to cap rates of interest on payday advances