Colorado shows it is possible to reform payday lending in methods that advantage borrowers

Colorado shows it is possible to reform payday lending in methods that advantage borrowers

A model for modification?

One state, Colorado, has gone to advance lengths to guard pay day loan borrowers without stamping out of the training completely. A 2010 legislation replaced two-week pay day loans with six-month installment loans capped at $500. The utmost permitted APR, at 45 %, ‘s almost two-thirds less than the normal price before what the law states, while other costs are limited. Read more