The Greeley Tribune : Proposition 111 is well-meaning but misguided
Payday lending is an ugly business.
With high interest rates and a short amount of time to pay the loans back, they often put users on a treadmill of debt from which there is no escape.
It’s this concern that prompted proponents of Proposition 111 to craft a measure that would limit the maximum annual percentage rate for payday loans to 36 percent.
As things stand, payday lenders can charge more than 200 percent interest for loans targeted at low-income workers who often find themselves trapped in a cycle of debt.
Read more at greeleytribune.com.
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marianne.goodland@coloradopolitics.com
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