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Fact check: Does Colorado legislation enable payday loan providers to charge over 200% interest on tiny loans?

A Colorado team campaigning to restrict prices for whatever they call pay day loans claims that “current legislation enables payday loan providers to charge significantly more than 200% interest for little loans directed at clients who’re usually in serious straits.” [1] The claim is in help of Proposition 111, a Colorado ballot measure to cap finance that is annual at 36 % for small-dollar loans. [2]

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