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The number of consumers obtaining payday loans in Colorado increased 7.3 percent last year, despite a 19 percent drop in payday lending locations after a new law changed the terms of the loans, according to a report Thursday from Colorado Attorney General John Suthers.
The law, which took effect Aug. 11 last year, changed the average term of loans, which were running 18 days, to six months. The annualized interest rate on payday loans fell from 326.3 percent before the change to 185.8 percent after.
