Cash Pay Advance

The number of people in and around Fort Collins who are living paycheck to paycheck appears to be increasing, judging from the dramatic increase in payday loan stores within city limits. Since 2003, the number of payday loan stores in Fort Collins has more than doubled from nine to 20, according to the state attorney general's office, which regulates the lenders. According to a newly released analysis of payday loans by the Colorado attorney general's office, the "typical" payday loan customer is a 36-year-old single woman who is either a laborer or office worker, earning $2,370 a month. An analysis by Assistant Attorney General Paul Chessin concluded that despite state regulation of payday lenders, "Colorado payday loan consumers also often find themselves trapped in a cycle of debt. The maximum effective interest rate depends on the loan amount and loan term, but a 2005 report by the attorney general's office showed that the average annual percentage rate for payday loans was 344. Ron Rockvam, president of Colorado Financial Service Centers Association, the state's payday lending association, said many of his customers are state employees who get paid monthly, including the Division of Wildlife, the Colorado State Patrol, and teachers. Find Out More

Technorati Tags: cash pay advance, collins, lenders, loan, loans, payday, people