Colorado payday loans

Compare your loan options in Colorado

Review this important information if you’re thinking about getting a payday loan in Colorado

If you’re facing a financial emergency, you may be considering a payday loan. Colorado law regulates payday, or short-term, loans heavily. Our guide will detail the costs of borrowing and what laws your lender must abide by.

OppLoans Installment Loans

OppLoans Installment Loans

OppLoans offers borrowers fast funding with lower interest than a typical payday loan.

  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $4,000
  • Loan Term: 9 to 36 months
  • Turnaround Time: 1 business day
  • Must be 18+ years old (19+ in Alabama)

    Can I get a payday loan in Colorado?

    Yes. Short-term loans are legal in Colorado. The Deferred Deposit Loan Act under the Colorado Revised Statutes 5-3.1-101 et seq. governs the functioning of all short-term lenders in the state.

    The amount you borrow in payday loans through any one lender cannot exceed $500. The minimum loan term is six months, and there is no set maximum. You have the right to rescind (cancel) a payday loan before 5 p.m. the next business day after the loan transaction takes place.

    Some quick facts about payday loans in Colorado:

    • Maximum loan amount: $500
    • Minimum loan term: 6 months
    • Maximum loan term: None
    • Maximum APR: 45%
    • Rollovers: You are permitted 1 rollover.

    There is no limit on the number of loans borrowed as long as the combined total doesn’t exceed $500.

    If you pay off your loan early, your lender must refund you a pro-rated amount of interest based on the remaining term of your loan.

    Lenders you could apply with

    Check the websites of any providers you’re interested in to confirm they operate in your state.

    Rates last updated November 24th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    LendUp Payday Loans
    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
    $250
    7–30 days
    generally receive the money the next business day
    Be 18+ years of age and have a checking account that can accept electronic transfers.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    $1,000
    Varies by state
    1–2 business days
    You must be at least 21 and an American citizen and have a bank account, email address and phone number.
    ACE Cash Express Payday Loans
    Quick short term, installment and title loans come with no prepayment penalty and a 72-hour satisfaction guarantee.
    Varies by state
    Varies by state
    Generally receive the money the next business day
    Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.

    Compare up to 4 providers

    What if I’m considering a short-term loan?

    If you’re struggling to make it between paychecks, a short-term loan could help you through your financial troubles. Colorado law heavily regulates lenders, and unlike other states, the minimum term for a loan is six months. This means a payday loan functions more like an installment loan.

    However, keep in mind that these are still expensive solutions to a temporary problem. Colorado does have a few assistance programs that can help you, like the Low Income Energy and Heating Assistance (LEAP), which can lower the cost of your energy bill.

    Consider the alternatives to a payday loan before you borrow.

    What fees will I have to pay?

    Although Colorado has laws in place to protect consumers from predatory lending, you’ll still have to pay some fees when you borrow.

    • Finance charges: A lender can’t charge more than 20% for the first $300 borrowed. They may charge an additional 7.5% per $100 for any amount over $300.
    • Maintenance fees: The maintenance fee can’t exceed more than $7.50 per $100 loaned, up to a maximum of $30 per month the loan is outstanding.
    • Non-sufficient funds (NSF) fees: Lenders can charge $25.
    • Collection fees: If you fail to repay your loan, a lender can charge you the full amount of the loan and attorney fees if th default is brought to court.

    How can I apply for short-term loan?

    If you’re interested in applying for a short-term loan in Colorado, you’ll need to meet the following eligbility criteria:

    • Be at least 18 years old
    • Be a US citizen or a permanent resident
    • Have a regular source of income

    To complete your application successfully, prepare to submit some basic information:

    • Personal details, such as your name, date of birth, Social Security number and a valid form of ID
    • Contact details, such as your residential address, email address and phone number
    • Details about your employment and income

    Bottom line

    If you’re considering taking out a payday loan, familiarize yourself with the laws of Colorado to make sure you’re getting the best terms for your loan. As with all forms of credit, be prepared to pay for both the principal and accumulated interest.

    Have any more questions about Colorado short-term loans?

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    US Payday Loans Offers

    Learn about our information service
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.