Colorado is known for its vibrant landscape that includes forests, mountains, rivers, deserts, plateaus, plains, and canyons. This is the eighth most extensive state in the US and also its 22nd most populous.
In 2014, the population of Colorado was over 5,355,000, which was a 6.5% increase from 2010. Its total gross state product in 2010 stood at $257.6 billion. In the same year its per capita income was around $52,000. In August 2014, unemployment in the state was 5.3%.
Residents of this state commonly take out payday loans. If you’re considering getting one, going through this guide is in your best interest.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies upon state
- Turnaround Time: 1-2 business days
- Total Costs: Varies depending on the amount and your state of residency
- Must be 18+
- No security needed
- Confidential and secure!
A selection of loans you could apply for
Are payday loans legal in Colorado?
Yes. Payday loan lenders in Colorado can operate legally. The Deferred Deposit Loan Act under the Colorado Revised Statutes 5-3.1-101 et seq. governs the functioning of all payday lenders in the state. Payday loans, deferred deposit loans and payday advances refer to the same type of credit.
Payday loan lenders in Colorado cannot lend amounts greater than $500. The amount you borrow in payday loans through any one lender cannot exceed $500. You have the right to rescind a payday loan before 5pm the next business day after the loan transaction takes place. Payday advances in Colorado don’t have any maximum loan terms. The minimum loan term is six months.
Why should you consider taking out a Colorado payday loan?
Payday loans in Colorado offer these features:
- Easy application process. Applying for a payday loan takes no more than a few minutes, whether you apply at a store-front or online. If you apply using the Internet you can find lenders that complete identification verification online, so you don’t have to worry about faxing any documents.
- Quick access to funds. The quickest way to get money through a payday loan is to apply in-store. This is because you can get cash as soon as the lender approves your application. If you apply online, while some lenders may require that you wait until the next business day, some may have you waiting for longer.
- Bad credit is alright. Many payday loans in Colorado provide finance to people who have less than perfect credit histories. What lenders look at is your existing financial situation coupled with your ability to repay.
- Use money for different reasons. What you do with proceeds from a payday advance in Colorado is basically up to you. You can use this money to get past a temporary setback, go on a holiday, repair your car, or buy someone a gift.
What fees and charges do Colorado payday loans come with?
State laws influence payday loan rates in Colorado. Lenders can charge a finance charge which must not exceed 20% for the first $300, plus 7.5% for any amount loaned in excess of $300. There are no specified APR regulations on payday loans in Colorado. If you prepay the loan ahead of schedule the lender should refund a prorated portion of the APR depending on the time left before the loan term’s expiry.
A payday loan lender in Colorado can charge a monthly maintenance fee, not to exceed $7.50 per $100 loaned, up to a maximum of $30 per month. Lenders can charge this monthly maintenance fee every month the loan remains outstanding 30 days after the loan’s initiation.
How can I apply for a Colorado payday loan?
You can apply for a Colorado payday loan online or by visiting a storefront. While applying is easy you have to meet these eligibility criteria:
- You’re over 18 years of age
- You’re an American citizen or a permanent resident of the US
- You have a regular source of income
Completing the application successfully requires that you provide some information:
- Your name, residential address, email address, and phone number
- Your date of birth, social security number, and a valid form of ID such as your driver’s license or passport
- Details about your employment
- Your pay frequency and income details
Important information about payday loans
While payday loans can be beneficial for many people, they aren’t always the best option for everyone. Follow the link for more information.
Have any more questions about Colorado payday loans?
What is the maximum number of outstanding payday loans I can have in Colorado?
There is no maximum limit, provided your debt does not exceed $500 and there’s a gap of 30 days between loans.
Do payday loan laws in Colorado permit rollovers?
Yes, you can get one renewal. The lender can then charge an APR of 45%.
Is there a limit to collection fees with payday loans in Colorado?
Your lender can charge one NSF fee. You may also have to pay reasonable attorney fees that cannot exceed the loan amount.