Cash Pay Advance

After the new year, when consumers go in for a payday loan, they won’t have to squint to see the 340 annual percentage rate they’ll be hit with when they take out the loan. All CFSA-member lenders will be required to prominently display the fees and annual percentage rates for at least five different loan increments on posters that are at least 18-by 22-inches in size in all stores. CFSA represents about 60 percent of all payday lenders in the United States and 178 in Colorado. The move by the industry is not enough for George Metcalf, a fierce opponent of payday lenders. He called the meetings a waste of time, and said payday lenders no better than loan sharks. During those meetings, Metcalf claims industry lawyers argued that these payday lenders make slim profits and deal with a high percentage of people who default on their loans. Find Out More

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