COLORADO SPRINGS – The fight to pass a ballot initiative concerning predatory payday lending in Colorado continues.
Come November, Colorado voters will decide the fate of Proposition 111 and on Wednesday supporters of the initiative held a rally. A little over a dozen people gathered in front of ACE Cash Express on Academy Boulevard.
With only 69 days until the election they’re doing all they can to ensure 111 passes.
“Yes on 111! Yes on 111!”
It’s the rallying cry of many veterans, civilians, and families in Colorado.
Corrine Fowler, a supporter of Proposition 111, said, “It’s time for payday lenders to play by the same rules as all other lenders in this state and end this usury.”
If passed, it would cap payday loans at 36 percent (it’s been as high as 200 percent in some cases.) It would also cut out other fees that drive up loan costs, an issue that seems to target many of our military families.
Leanne Wheeler, a U.S. Air Force veteran, said, “As they transition and sort themselves out financially we’re seeing that they’re accessing these check cashing places.”
Wheeler said she’s never taken out a payday loan, but she did cash a check once when she wasn’t able to make it to her bank.
“20 percent of my check was just taken simply because I wanted to cash it…I’ve never gotten over it.”
U.S. Army veteran Frank Lytle is also taking action for his fellow brothers and sisters in uniform.
“I am deeply concerned about payday lending, lenders taking advantage of the financial difficulties of veterans that they can face after returning from deployment and assignment, preying on our veterans when they are financially vulnerable.”
The hope for 111 is that it passes, and saves consumers from debt traps and financial ruin.
On Wednesday News 5 reached out to ACE Cash Express for comment as well as other payday lenders in the area. As of Wednesday night no one had responded.