Payday Lending

To those who have never been poor, or never empathized with a poor person, the rhetoric of the payday-lending industry might sound convincing. Yes, the payday-lenders admit, some borrowers can't make their payments. But, they argue, that doesn't mean payday loans should be capped at 45 percent. ...

Think lending money at 353 percent should be legal? What about charging $500 to borrow $300? This is not only legal in Colorado, it happens every day. It's called payday lending, and it's sending Coloradans into a cycle of longterm debt, taking $76 million a year out of our economy. Here's how it works: ...

House Bill 1310 represents an opportunity gain for Colorado by reducing the costs of payday loans and extending the time allowed to repay them. This will address the current flaws in how these loans are currently structured and remove their predatory features. According to the Center for Responsible Lending, eliminating the predatory aspects of payday loans will put $76 million back into the pockets of Colorado payday borrowers.

House Bill 1310 represents an opportunity gain for Colorado by reducing the costs of payday loans and extending the time allowed to repay them. This will address the current flaws in how these loans are currently structured and remove their predatory features. According to the Center for Responsible Lending, eliminating the predatory aspects of payday loans will put $76 million back into the pockets of Colorado payday borrowers.