Seen as a high interest levels and costs and quick repayment terms, pay day loans provide short-term loans of $500 or less. Until recently, predatory payday lending in Colorado may have interest levels of 45 per cent, plus origination and upkeep charges.
Protection from Pay Day Loans
The Bell Policy Center joined other consumer advocates to support Proposition 111 on the November 2018 ballot to cap payday lending rates and fees at 36 percent in an effort to curb predatory payday lending in Colorado. It passed with increased than 77 per cent of voters approving the measure.