Colorado State - Payday Loans Information

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal (Lower Cost)

Loan Terms:

Maximum Loan Amount: $500

Loan Term: Min 6 Months

Maximum Finance Rate and Fees: 20%: $0-$300 + 7.5%: $301-$500 plus 45% per annum interest plus monthly maintenance fee $7.50 per $100 borrowed, up to $30, after first month.

Finance Charge for 14-day $100 loan: Not applicable

APR for 14-day $100 loan: Not applicable

Debt Limits:

Maximum Number of Outstanding Loans at One Time: No limit if total debt does not exceed $500 and 30-days between loans

Rollovers Permitted: One renewal at 45% interest allowed.

Cooling-off Period: Next business day after 2 continuous loans repaid

Repayment Plan: N/A

Collection Limits:

Collection Fees: One $25 NSF fee; Court Costs; Reasonable Attorney's Fees not to exceed loan amount

Criminal Action: Prohibited (Unless the consumer's account was closed before the agreed upon negotiation date)

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

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