The statistics show that Colorado consumers who took the payday loans of high interest in 2008 were more in numbers when compared to that of 2009. However, the amounts being borrowed were larger in 2009. The number of people taking the loan actually saw a drop to 8.8% in 2009 from that of 10.3% in 2008. But, the amount of money taken as a loan grew around 2%. The lending report was dispatched by the Attorney General’s office in Colorado.

However, many analysts believe that the reports may not be appropriate in showing numbers of borrowers. A borrower can lend money from multiple payday loan lenders and that may have influenced the reports. But, some industry officials believe that due to high unemployment and discretionary cutbacks, less people are taking payday loans these days. It is to be noted that a consumer must show recent benefits check or paycheck to qualify for a payday loan.

The Emergency Cash owner, Bill Fritts said that people usually take payday loans for vacation or other activities. These loans are referred as fun loans by the payday loan lenders and these loans are happening in less numbers these days. Many payday loan lenders in Colorado are even shutting their business because of negligible profits.