Colorado

State Payday Loan Law Information

Payday loans in Colorado are restricted to the amount of $500.  The maximum number of days for the term of the loan is 40. 

The lender may charge a finance rate and fees as follows.  For the amount of $0-$300 a 20% fee may be applied.  For the amount of $301-$500 a 7.5% rate is charged.

The consumer is limited to one outstanding loan at a time with one rollover or renewal.  There is no cooling-off period and no repayment plan required.

Collections fees are permitted to one $25 NSF fee, court costs, and reasonable attorney’s fees not to exceed the loan amount.  Criminal actions is prohibited unless the consumer’s account was closed before the agreed upon negotiation date.

 

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