A new law which puts a 36 percent annual cap on interest charged b lenders is now to extend to payday loans by end of June this year. This already exists for every other kind of loan.
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Payday loan customers could see drastically lower interest rates if a bill scheduled to hit the Capitol Monday can overcome barriers that unraveled a similar plan two years ago.

The legislation would let Colorado voters in 2010 decide whether to cap at 36 percent annual interest rates, which can now climb higher than 300 percent on the small sums.
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Pre-Approved Loans – What Is Loan Pre-approval, Pre-qualification and Loan Commitment?

If you have ever received a pre-approved loan in the mail, you may have wondered how you got approved without undertaking any test or requesting for the loan in the first place. In fact, some of the questions that runs through the mind range from how they got your personal details to how did they know they could trust you with a loan.
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