As lawmakers right right here in Aurora, we think it is essential for our next-door next-door neighbors to know the effect with this vote and practice yes on Proposition 111.
Can you spend $293 in interest on a short-term $500 loan? Do you consider having to pay 129 per cent APR appears reasonable? ThatвЂ™s precisely what occurs with many of our Aurora next-door next-door neighbors once they borrow funds from out-of-state payday lenders.
HereвЂ™s how it operates: Out-of-state payday loan providers are targeting hardworking Aurora residents with claims of quick money, however these loan providers are actually leaving them caught in debt. Continue reading LETTER: End predatory payday financing. That cash has been invested in regional communities, but rather went along to lining the pockets of loan providers.