The Truth About Payday Loans: How hard-working Coloradans get trapped in a cycle of debt
This report uses data from the Colorado attorney general's office to show that payday loans trap hard working Coloradans in a long-term cycle of debt. Instead of one-time emergency loans, payday loans cause a downward spiral of long-term debt that borrowers cannot easily escape. With an average APR of over 350%, state data shows that these loans are harmful products that do not help people, but rather ensnare them in long-term debt.