Measure on the ballot in the 2018 Colorado 2018 General Election in Colorado.
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Get StartedA "yes" vote reduces interest rates for payday loans to 36% and eliminates all additional fees.
A "no" vote maintains the current fee structure and interest rate of 45% for payday loans.
According to Coloradans to Stop Predatory Loans, current law allows payday lenders to charge more than 200% interest for small loans targeted at customers who are often in dire straits. Payday lenders take advantage of Colorado communities and trap working families in a cycle of debt. This ballot initiative will cap interest rates on payday loans, ending the outrageous interest charged to borrowers who can least afford it., in support of Proposition 111 (Learn more)
According to Market Watch, lower fees and interest rates on payday loans could encourage people who are unable to payback the loans to borrow more money, increasing indebtedness and creating and economic ripple effect across the economy., in opposition to Proposition 111 (Learn more)
This measure would reduce the annual interest rate for payday loans to 36% and eliminate all additional charges and fees associated with the loans.
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