In November 2018, Coloradans overwhelmingly voted for a step that is decisive economic empowerment, banning triple-digit pay day loan rates of interest, capping them at 36% APR (including charges). Nevertheless, pushing back once again on one predatory product does not suggest we have all safe, affordable use of banking and loans. We continue to have a two-tiered system where just some individuals have reasonable interest levels and lower banking expenses. ThatвЂ™s not adequate enough.
Are You Aware?
- Almost 22 per cent of Coloradans and 49 per cent of households of color are either unbanked or underbanked, depending on exactly what are usually predatory alternate economic solutions because main-stream banking does not satisfy their fundamental needs that are financial. Continue reading “Capping rates of interest at 36per cent is simply the Starting”