Payday lenders starting to close after voters limit interest rates
DENVER -- Proposition 111, which passed in Colorado during the 2018 midterm election, caps interest rates from Payday lenders at 36 percent. Currently the average payday lending loan in Colorado has an interest rate in Colorado of 129%. The measure is already forcing some businesses to close. Payday Loans in Aurora, which has been in business for 25 years, announced they will be closing. The owner told FOX1 off camera the risk to loan money to risky borrowers is no longer worth it.