Colorado Payday Loan Laws

Colorado Payday Loan Laws & Legislation

The 2010 law banned payday loans of less than six months.
Allows borrowers to pay off their loans at any point within the six-month term without owing a penalty.
A borrower who takes out a $300 loan and pays it off in 30 days owes a total of $21.75, which translates to an 86% APR. If the borrower waits 180 days to pay off the loan, he owes $240, or a 162% APR.

For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to How to Start a Payday Loan Busines

Colorado State Information

Legal Status: Legal

Colo. Rev. Stat. 5-3.1-101 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 40 days
Maximum Finance Rate and Fees: 20%: $0-$300 + 7.5%: $301-$500
Finance Charge for 14-day $100 loan: $20
APR for 14-day $100 loan: 520%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: One (renewal)
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)

Regulator: Colorado Office of the Attorney General
Address: Uniform Consumer Credit Code, 1525 Sherman St., 5th Fl. Denver CO 80203
Phone: (303) 866-4494
Fax: (303) 866-5691
Regulatory Contact: Laura Udis,, Administrator
Regulator Website

Licensee Database

Online Resources