Colorado - Stories of quick cash and high interest rates like Medlock's are driving legislation at the Capitol this year to sock it to "predatory lenders."
"Not even the mob can charge as high of interest rates," said Rep. Mark Ferrandino, a Denver Democrat who announced a bill Thursday that would muzzle the industry. "This legislation will help hardworking men and women in Colorado who are living paycheck to paycheck." Lawmakers said the average payday loan in Colorado is $343, with average finance fees of $544. Lenders can charge $60 for a $300 loan for two weeks. The average annual interest rate for a loan in Colorado is 350 percent. Full Story - Discount Magazine Subscriptions - Discount Cigarettes & Tobacco - Nutty News Marketplace - Liz Claiborne
"Not even the mob can charge as high of interest rates," said Rep. Mark Ferrandino, a Denver Democrat who announced a bill Thursday that would muzzle the industry. "This legislation will help hardworking men and women in Colorado who are living paycheck to paycheck." Lawmakers said the average payday loan in Colorado is $343, with average finance fees of $544. Lenders can charge $60 for a $300 loan for two weeks. The average annual interest rate for a loan in Colorado is 350 percent. Full Story - Discount Magazine Subscriptions - Discount Cigarettes & Tobacco - Nutty News Marketplace - Liz Claiborne
