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Predatory Lending Landscape
After the passing of Proposition 111, effortlessly capping rates of interest and charges on payday advances at 36 %, Colorado is starting an era that is new. Our state has accompanied the ranks of 16 other states and also the District of Columbia with either price caps or complete bans created to cease folks from entering a financial obligation trap through cash advance products. Much more states prohibit shockingly interest that is high, ?ndividuals are saving cash, finding better methods to restricted income, consequently they are avoiding long-term economic pitfalls like bankruptcy. While Colorado has made significant progress, it is important to maybe perhaps maybe not allow our guard down in this brand new environment.