Predatory Installment Lending in 2017: States Battle to Restrain High-Cost Loans

When the National Consumer Law Center published the report Installment Loans: Will States Protect Borrowers From a New Wave of Predatory Lending? in July 2015, predatory installment lenders were moving into the states, seeking statutory authority to make consumer installment loans at sky-high interest rates. The report analyzed which states allowed high-cost installment lending and which did not, but warned …

Payday Lenders Bury Colorado Families in High‐Cost Debt

Six years after Colorado enacted a payday law reform bill in 2010, payday lenders in Colorado continue to trap their customers in long‐term, high‐cost debt. The promises of a quick‐and‐easy cash infusion draw consumers in, and the rapidly mounting costs keep them from getting out. This report uses data published by the Colorado Attorney General’s Consumer Credit Unit (Demographical and …

Mile High Money: Payday Stores Target Colorado Communities of Color

The Center for Responsible Lending’s (CRL) latest report on the long‐term cycle of debt of payday lending focuses on the costs to consumers on Colorado. Read the entire report at responsiblelending.org. Highlights include: Majority‐minority areas in Colorado (over 50% African‐American and Latino) are nearly twice as likely to have a payday store than all other areas, and 7 times more …