Page last reviewed: 29 Aug 2018
- Loan calculator – compare 11 companies in Colorado;
- Legal information – consumer rights and obligations of lenders;
- Payday loan help – what to do if you are in trouble;
- Cities – detailed review of payday lenders in biggest cities in Colorado;
Payday loans calculator
Important features of Colorado payday lending laws:
- A lender shall not lend an amount greater than $500 nor shall the amount financed exceed $500 at any time to a consumer.
- A payday lender cannot make you a new loan while an existing loan is outstanding, even if the combined balance of the existing loan and the new loan does not exceed $500.
- The minimum loan term is six months from the loan transaction date.
- The cost of the loan is divided into three sections. The maximum charges for each section are: 1) 45 % annualized simple interest rate; 2) monthly maintenance fee of $7.50 per $100 borrowed, up to a maximum of $30 per month; 3) origination fee of 20% of the first $300 borrowed plus 7.50% of the amount exceeding $300, with a maximum origination fee of $75.
Summary of regulations could be found here.
Payday loan help
If you need help visit the National Foundation for Credit Counseling (NFCC) or call Toll-Free 1-800-388-2227 for assistance with credit problems and creditors.
For detailed review of payday lenders in each city, please click the link:
Payday loans review in Colorado