Doing the mathematics, I realized that I paid around 118 per cent on that $500 loan.

Doing the mathematics, I realized that I paid around 118 per cent on that $500 loan.

When you look at the 2018 election, Colorado passed Proposition 111, which place a 36 per cent limit regarding the quantity of interest and costs that payday loan providers may charge borrowers. While taking care of the campaign for Proposition 111, I chatted with other people who’d applied for numerous loans that are payday help with addressing bills. In 2016, Colorado pay day loan clients paid a typical rate of interest of 129 %, costing them $119 in interest and charges. Read More “Doing the mathematics, I realized that I paid around 118 per cent on that $500 loan.”

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