New Colorado Payday Loan Rules

The Attorney General for Colorado, John Suthers, has created a new set of rules for payday lenders to abide by so that there is more protection given to online cash advance loan borrowers. The newest rule is that these lenders will have to give pro rated refunds to borrowers who pay back their loans earlier than their repayment date. This means that they can no longer reserve their origination fees for the payday loan. This rule barely passed through the legislature because of the split view on whether payday loans positively or negatively effect payday loan borrowers. Payday loans are very advantageous since nearly anyone can be approved. When traditional lending methods turn down someone who is in need of fast cash for an emergency they can rely on a payday loan since there is no credit history check and the requirements are minimal. However, since it is so easy to get a payday loan, many people take advantage of the loans and end up falling further into debt because they are unable to pay back the loan in a timely fashion. In some cases, borrowers must pay nearly $800 for a $325 payday loan. A controversy was created due to the fact that more than $10,000 in donations from payday loan companies was given for the Colorado Attorney Generals campaign. Many critics denounced the act of trying to shut down the payday lending companies that helped to elect the attorney general.

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