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Colorado election: Why voters are increasingly being expected to cap rates of interest on payday advances

Colorado election: Why voters are increasingly being expected to cap rates of interest on payday advances

Colorado voters will determine Proposition 111, a measure that will cap the quantity of interest and costs charged because of the cash advance industry. (Picture: AP)

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With payday loan providers who promise quick profit a pinch, numerous Coloradans will find by themselves with high-interest-rate loans and a period of financial obligation from where they cannot escape.

Proposition 111 in the Nov. 6 ballot would cap the yearly interest on pay day loans at 36 % and expel other finance costs and charges.