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EL PASO COUNTY, Colo. (KKTV) - Colorado voters are being asked to make a decision on payday loans in the approaching election.,Proposition 111 puts a cap on the interest rate on those short-term loans.,It is possible to imagine how getting a short-term loan with a enormous interest rate and first fees could end up backfiring, putting the debtor in a bigger and bigger hole.,Supporters of 111 state these loans are predatory and people need to become protected.,Opponents say this is unnecessary conduct, and it is likely to eliminate the option for all these short-term loans altogether.,In a rally Tuesday morning, a group of specialists stated our servicemen and women are particularly targeted at cash locations.,Following a borrower receives the loan, they can go from a difficult place into a harder place.,'Therefore why the interest rates are so ridiculously large is that these are people with terrible, horrible credit rating and if they are in a position where they need financing for a week, then this is an option,' said Jon Caldarasaid the president of the Independence Institute, in resistance of 111. 'It is not a terrific alternative, I do not believe it should be taken by them, however they need to have a selection.' ,Caldara says if this passes, these payday advance companies may collapse.,'The concept of Prop 111 is that we smart individuals need to save stupid poor people from their own bad decisions,' Caldara said. 'we are likely to outlaw the practice of payday loans' ,Shall there be an amendment to the Colorado Revised Statutes regarding restrictions on payday lenders, and, in connection therewith, decreasing allowable fees on payday loans into an yearly percentage rate of no more than fifty percent?payday loans in el centro ca

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