Colorado Payday Loan Laws




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Free Payday Loan Newsletter. The frequency is typically once each month. If you have an interest in the payday loan industry, YOU NEED OUR Payday Loan NEWSLETTER!

WE PROMISE to never sell, give-away, or abuse your contact info. You will receive a confirmation email from us immediately.

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

Citation:
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
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