Colorado Cash Advance and Payday Loan Bill
There are many bills that are passed along the state governments looking to either tighten up or relax the laws regarding payday loans and online cash advance. Cash advances are dictated and controlled by the state not the federal government. Only military cash advances are directedby the federal government. Therefore it is necessary to understand the different common payday loan laws for each state. In some states you are able to roll over cash advances while in others, you might not even be allowed to take one out within your state. In Colorado, there is a bill that will help to relax the cash advance laws that are currently set by the state government. In the past, payday lenders charged outrageoud fees and this has been curbed by state laws. However, there are some fees that are legitimate yet lenders are unable to charge these fees which is putting cash advance lenders out of business. Cash advances are a valuable tool and resource for many people especially for those who have had credit problems in the past and now are unable to receive lines of credit or loans from a traditional banking source. Without a place to turn to, these consumers are unable to pay for their basic needs and emergency bills. Like with any bill regarding cash advances, the opponents state that relaxing the laws that are already in place will mean that these lenders will begin to raise the interest rates even higher, which will take advantage of consumers who are in need of fast cash. In just November of last year, a law was passed in Colorado stating the annual interest rate that payday loan lenders could charge. This new bill could undermine that precedent. The new bill would allow cash advance lenders to charge a new nonrefundable fee of about $70 for a small term loan of $300 over a period of 30 days to be paid back. Currently, lenders can only charge 10 percent of the loan or $30. This bill will strongly be supported by payday lending executives who have been fighting against the laws set last year which have taken a serious toll on their industry in Colorado. One of the executives stated that there are about 300,000 people who use Colorado cash advances. The Bill will be heard on Tuesday at 1:30PM.Fill in the online loan application
We will be able to give you access of up to $500 and your credit does not mean a thing to us. You will receive instant approval with an active bank account, a steady job and proof of your age. You must be 18 or older to qualify. Learn more about payday loans on our site before applying.
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