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Why voters are increasingly being expected to cap rates of interest on pay day loans

Why voters are increasingly being expected to cap rates of interest on pay day loans

Colorado voters will determine Proposition 111, a measure that will cap the quantity of interest and fees charged by the loan industry that is payday.

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With payday loan providers who promise quick money in a pinch, numerous Coloradans will get themselves with high-interest-rate loans and a period of financial obligation from where they cannot escape.

Proposition 111 from the Nov. 6 ballot would cap the yearly rate of interest on pay day loans at 36 percent and eradicate other finance fees and charges. If passed away, the statutory legislation will require impact Feb. 1.