How much you'll have to pay for a short-term loan
Unlike many other states, Colorado caps the annual percentage rate (APR) at 45%. It might seem high, but compared to the fact that other payday loans have APRs in the hundreds, it’s relatively cheap to borrow a short-term loan in Colorado. For residents of Colorado Springs, this means you won’t be paying much extra for a small loan.In addition, you won’t have to repay it all in one go. If you find the right lender, you may be able to get a contract that states you have months, not weeks, to pay off your debt. More time means you might have to pay more, but you also won’t be forced to pay back hundreds of dollars by your next payday.
It’s all about reading your contract and finding out what works for you.