1,000% loans? An incredible number of borrowers face crushing costs

1,000% loans? An incredible number of borrowers face crushing costs

A model for modification?

One state, Colorado, has gone to advance lengths to guard cash advance borrowers without stamping out of the training completely. A 2010 legislation replaced two-week payday advances with six-month installment loans capped at $500. The utmost permitted APR, at 45 %, is almost two-thirds less than the rate that is average what the law states, while other charges are restricted.