Consumer benefits from the new PDL law of Colorado

This is sure to bring joy among thousands of PDL borrowers. But, the legislature has added a twist as they’ll allow the payday lenders to charge additional fees.

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Here’s a bit of interesting information which I thought of sharing with you.

The payday lending laws in Colorado is up for a complete overhaul and consumers may benefit from it. The state legislature of Colorado has passed a bill which states that from August 11, 2010 the interest rate on all payday loans will be capped at 45%. This is sure to bring joy among thousands of PDL borrowers. But, the legislature has added a twist as they’ll allow the payday lenders to charge additional fees.

The payday lenders of the state have opposed the overhaul and many big lenders have already decided to shut down their shops across the state.



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