Payday loans in Colorado |

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Know this important information if you’re considering a payday loan in Colorado.


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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.

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.

Five 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.

Compare payday loans in Colorado

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

Data updated regularly
Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
$500 - $5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
 Check Into Cash Installment Loans
$100 - $3,000
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+, $3,500 minimum income in California
Borrow money with lower payments and more time to pay than a traditional payday loan.
Fast5kLoans Short-term Loans Connection Service
$100 - $35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Monevo Installment Loans
$500 - $100,000
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
$500 - $10,000
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
LendYou Short-term Loans
$100 - $15,000
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.

Compare up to 4 providers

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 the default is brought to court.

What should I keep in mind before applying?

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. Government assistance programs are just one alternative to costly payday loans.

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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4 Responses

    Default Gravatar
    MichelleSeptember 27, 2018

    I took out an online payday loan. The fees are outrageous and I just can’t keep up anymore. I’ve already paid 4,000 on the initial 1700 I borrowed. What happens if I default?

      Avatarfinder Customer Care
      JhezSeptember 27, 2018Staff

      Hello Michelle,

      Thank you for your comment.

      If you default on your loan, the lender may begin adding fees and increasing the interest rate. If the lender considers a debt in default, the loan may be turned over to a collection agency, which will affect your credit history and your credit score. Know more about the consequences when you default on a loan.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.


    Default Gravatar
    JasonMarch 27, 2018

    My daughter has leukemia and I missed two weeks of work recently I was only payed 48 dollars and I owe rent whichbis 675.00 dollars on the first. I dont have a bank acvount technically, but I do have a money network debit card that is also a payroll card that I get my pay checks loaded to direct deposit from my employer.I have had my taxes loaded on there and it is reloadable through money grahm,western unuion and green dot. I work full time and make over a grand usually a payday plus I have zero debt and a good credit score just not a long history of established credit.. I need a online or in person loan but I dont have a bank account. Can you help?

      Avatarfinder Customer Care
      JoshuaMarch 27, 2018Staff

      Hi Jason,

      Thanks for getting in touch with finder.

      I’m sorry to hear about your daughter’s illness. I hope all things will work out together for good for you.

      Regarding your situation, there are limited loan options for you. However, we do have a page that will help you know how to get a payday loan on a prepaid debit card. Please feel free to read that page to learn more.

      I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

      Have a wonderful day!


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