DENVER, Colo. -- Lawmakers plan to introduce a bill Monday that would crack down on high-interest payday loans.

Currently in Colorado, payday lenders often charge triple digit interest rates, ranging from an average of 318 percent to more than 500 percent.

Shawnda Ealey knows firsthand the frustration of being stuck in a payday loan debt cycle. Ealey borrowed $500 from a payday lender in 2006 and is still struggling to pay the money back.

"The interest rates are a pain the butt," she said. "[The loan] is up to $1,000 now."

The bill that Rep. Mark Ferrandino and Sen. Chris Romer are sponsoring would cap payday loan interest rates at 36 percent.

"We're just trying to put them back under the same regulation that every other financial institution has in this state,” said Ferrandino.

But the bill was shot down two years ago. Ferrandino said payday lenders argued that a lower interest rate would drive them out of business in Colorado.

"These businesses should be able to make money at a more reasonable interest rate," said Todd Abbotts, a Denver resident who supports the bill. "500 percent or anything close to it is just completely unreasonable."

Ferrandino said it's not only unreasonable, the high rates are crippling Colorado's economy, forcing low-income borrowers to tap into government-run programs like food stamps or the Low-Income Energy Assistance Program, which are funded by taxpayers.

"People who take out payday loans are twice as likely to file for bankruptcy, which is a ripple effect throughout the economy," said Ferrandino.

Romer, Ferrandino and consumer advocates will rally at the state Capitol Sunday to support the bill. It will be introduced on the house floor on Monday. If the bill passes, it will go on the November ballot for voter approval.