Find Payday Loans in Colorado
Colorado's safe harbor legislation authorizes cash advance companies to issue loans with interest rates in the triple digits and based on checks written on borrowers' bank accounts. Pursuant to Colorado law, a consumer cannot have more than one payday advance loan pending at one time.
Colorado law permits cash advance lenders to issue loans to consumers for a maximum amount of $500 per borrower.
The maximum loan term that a payday loan store can offer is 40 days.
Borrowers are allowed one renewal or extension.
Under Colorado law, the maximum finance rate that a cash advance lender can charge on the first $300 borrowed is 20%; on loan amounts over $300, the finance rate cannot exceed 7.5%. The finance fee on a two-week loan in the amount of $100 is $20. The maximum finance charge that a payday loan company can charge on loans of $500 is $75.
The annual percentage rate (APR) for a two-week loan for $100 is 520%.