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Payday loan providers strip $50 million per year from Colorado economy

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DENVER, CO – The Center for accountable Lending (CRL) released a study today showing that payday loan providers charge Coloradans the average of $119 in costs and interest to borrow $392, with a typical yearly portion price (APR) of 129per cent. This training strips $50 million per 12 months from low-income Coloradans. The report analyzed information posted by the Colorado Attorney General’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.