Updated Apr 27, 2020
You may be considering a payday loan if you’re facing a financial emergency. Colorado law regulates payday, or short-term, loans heavily. Our guide shall detail the expense of borrowing and just exactly what regulations your lender must adhere to.
May I get a pay day loan in Colorado?
Yes. Short-term loans are appropriate in Colorado. The Deferred Deposit Loan Act beneath the Colorado Revised Statutes 5-3.1-101 et seq. Governs the functioning of all of the short-term loan providers in their state.
The quantity you borrow in payday advances through any one loan provider cannot go beyond $500. The minimum loan term is half a year, and there isn’t any set maximum. You’ve got the directly to rescind (cancel) a quick payday loan before 5 p.m. The next working day following the loan deal occurs.
Five fast information about pay day loans in Colorado
- Maximum loan quantity: $500
- Minimal loan term: half a year
- Maximum loan term: None
- Optimum APR: 45%
- Rollovers: You are allowed 1 rollover.
There isn’t any limitation regarding the amount of loans lent provided that the combined total does exceed $500 n’t. In the event that you pay back your loan early, your loan provider must refund that you pro-rated number of interest on the basis of the staying term of one’s loan. Continue reading