Colorado Payday Loans Law

Colorado Payday Loans Law

Colorado State Information

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:
    - Repayment Plan:

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)

Where to Complain, Get Information:

    - Regulator: Colorado Office of the Attorney General
    - Address: 1300 Broadway, 10th Floor, Denver, CO 80203
    - Phone: 720-508-6000
    - Fax: 720-508-6030

These Colorado payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Colorado government without prior notice.