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Fact check: Does Colorado legislation allow payday loan providers to charge over 200% interest on little loans?

Fact check: Does Colorado legislation allow payday loan providers to charge over 200% interest on little loans?

A Colorado team campaigning to restrict costs for whatever they call pay day loans claims that “current legislation permits payday loan providers to charge significantly more than 200% interest for little loans directed at clients who will be usually in serious straits.” [1] The claim is with in support of Proposition 111, a Colorado ballot measure to cap finance that is annual at 36 % for small-dollar loans. [2] may be the claim because of the group avoid Predatory payday advances valid? Does law that is current payday loan providers to charge significantly more than 200 per cent interest for tiny loans?

No, the claim is inaccurate.