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 greatly. Our guide shall detail the expense of borrowing and exactly what regulations your lender must comply with.
Am I able to get a loan that is payday 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 most lenders that are short-term their state.
The total amount you borrow in payday advances through any one loan provider cannot meet or exceed $500. The minimum loan term is half a year, and there is absolutely no set maximum. You’ve got the directly to rescind (cancel) an online payday loan before 5 p.m. The next working day following the loan transaction occurs.
Five quick details about pay day loans in Colorado
- Optimum loan quantity: $500
- Minimal loan term: half a year
- Maximum loan term: None
- Maximum APR: 45%
- Rollovers: You are allowed 1 rollover.
There is absolutely no limitation regarding the quantity of loans lent provided that the combined total doesn’t meet or exceed $500. Continue reading “Understand this important info if you’re considering a quick payday loan in Colorado.”