188,000 Coloradans Call For Ballot Measure To Rein In Payday Loan Interest Rates
On August 6, CoPIRG and coalition partners dropped off 188,045 signatures at the Colorado Secretary of State’s office in support of a ballot measure to cap sky-high payday loan interest rates. The Secretary of State’s office has the next few weeks to validate the signatures and assign Initiative 126 to the November 6 ballot.
It took 78 boxes to deliver all of the signatures from Coloradans who want a say on predatory payday lending practices.
On August 6, CoPIRG and coalition partners dropped off 188,045 signatures at the Colorado Secretary of State’s office in support of a ballot measure to cap sky-high payday loan interest rates. Payday loans often force struggling families into cycles of debt by charging extremely high interest rates on loans that make repayment very difficult.
“We are so proud to be part of such a broad and growing coalition to rein in predatory payday lending in Colorado,” said CoPIRG State Director Danny Katz. “A 200 percent APR is unconscionable, and our measure will cap it at 36 percent, which is what every other financial product in Colorado has to abide by.”
The Secretary of State’s office has the next few weeks to validate the signatures and assign Initiative 126 to the Nov. 6 ballot.
Photo Credit: COP_Payday-Loans-Signature-Delivery_1018_Staff_WEB.jpg
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