Forty five per cent of people lack a rainy time investment to pay for expenses for 90 days
In November 2018, Coloradans overwhelmingly voted for a decisive step towards monetary empowerment, banning triple digit cash advance rates of interest, capping them at 36% APR (including charges). Nevertheless, pushing back once again on one predatory product does not suggest we have all safe, affordable usage of banking and loans. We continue to have a two tiered system where just some individuals have reasonable rates of interest and reduced banking expenses. That’s not adequate enough. Almost 22 per cent of Coloradans and 49 % of households of color are either unbanked or underbanked, depending on exactly what are usually predatory alternate economic solutions because main-stream banking doesn’t fulfill their fundamental monetary requirements.
