A friend of mine recently asked if he could borrow $60 bucks. He had a hot date that night and was just a little strapped for cash. I thought to myself, “well, I don’t have a lot of money to spare right now, but he would do the same for me.” I gave him $60 bones and he agreed to pay me back in a few days. I thought about being a jerk and charging him interest or making him do some random favor for me in return. I decided that would be in poor taste.
Not everyone has a wonderful, selfless friend like me in their life. They go to a Payday Loan storefront. In addition to selling their soul, they sign a contract agreeing to pay interest on the cash they borrowed. These Payday Lenders can charge up to 500% interest–that would be hundreds of dollars of interest on the $60 my friend borrowed.
This industry has gotten out of hand and they are ruining people’s lives by exploiting them in a time of desperation. And business is booming; there are more payday lending storefronts than McDonalds and Starbucks in Colorado combined!
Rep. Mark Ferrandino has introduced a bill to apply the same rules to payday lenders that other lenders have to play by and capping interest rates at 36%. The loan shark industry is throwing a bunch of money and paid lobbyists to beat the bill, so it’s critical that legislators hear from regular Colorado citizens. If you click the link below you can send a quick letter to your Colorado Representative.
For the record, my friend (let’s call him “Preston“) still hasn’t paid me back my $60 bucks. Also, the date he went on didn’t pan out so well.
hot on elephant
The 4 Stages of a Good Divorce. A Letter to my Children: You do not come from a Broken Home. These People are Rare Gems—Keep Them, Fight for Them, don’t Give Up on Them. Mom, can I Call her Mom, Too? Jon Stewart makes first appearance since retiring—”it’s not your country.” Waylon shares 10 transformingly beautiful Quotes about Love. My Marriage had to End—for my Life to Begin. 40 Things I’ve Learned in 40 Years. Why your Yoga Goals are (Probably) Irrelevant, if not Downright Dangerous. The Day I Stopped Running.