EZ Pawn and EZ Money have sixty (60) days to refund $400,000 in fees from refinanced payday loans. The Attorney General claims that the lender did not refund unearned on refinanced loans. What’s annoying about Colorado is they passed a bill that made the fee structure on these loans extremely complex. You wonder who comes up with this stuff?
Here is how bad the law must be, CashNetUSA does not lend there. Here is PaydayLoanInfo.com’s explanation of the fee structure: “20%: $0-$300 + 7.5%: $301-$500 plus 45% per annum interest plus monthly maintenance fee $7.50 per $100 borrowed, up to $30, after first month.” That does not seem complicated at all 😉
On a side note, bumped into a letter from Scott Tucker’s attorney to CBS4 News in Colorado. Thought it was worth sharing.
The state of Colorado is a paradox. They legalize pot, but will take a difficult stance on small dollar loans.
