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Colorado, where payday advances average a 129 per cent rate of interest, will vote this November on a ballot proposal to cap prices at 36 %.

Colorado, where payday advances average a 129 per cent rate of interest, will vote this November on a ballot proposal to cap prices at 36 %. Loan providers may charge as much as almost 300 % interest that is annual customer installment loans, that are mostly offered in payday financing and check cashing stores. Following… Read more

Lawmakers tackle payday financing

Lawmakers tackle payday financing When it comes to previous many years efforts were made during the State Legislature to cap rates of interest imposed by New Mexico’s small-loan industry, alternatively called storefront lenders or payday lenders. Lenders make loans of $2,500 or less, with frequently interest that is extremely high and brief pay-back durations. And… Read more