Payday lenders who don’t want to see their interest rates dramatically cut will turn their attention to the Colorado Senate.
That’s because the House narrowly approved a measure Monday to cap their annual rates at 45 percent. Currently, they can be as high as 520 percent.
Rep. Mark Ferrandino, D-Denver, who introduced House Bill 1351, persuaded just enough lawmakers to approve capping how much the more than 600 payday lenders in the state can charge in interest.
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