Colorado Payday Loan Laws and Regulations

Find out if short-term Payday Loans are legal in Colorado and what amounts, interest rates and repayment terms are set by the state's Legislation.

colorado payday loans Rates and Terms

Legal Status

Legal Status

The status of a loan type according to the Federal laws and regulations. What concerns Payday Loans some states consider them legal, some – illegal and some restrict them in terms of amounts and interest rates.

Legal
Maximum Loan Amount

Maximum Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

$500
Minimum Loan Term

Minimum Loan Term

It’s the minimum period of time within which you are allowed to pay off your loan.

180 day(s)
Maximum APR

Maximum APR

The maximum percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

36.00%
Finance Charges

Finance Charges

All the payments you’re going to be charged for the loan including APR and other fees.

<$300 = 20$ 
>$300 = 20$ + 7.5% of any excessive amount
Legal Payday Loans Online for Colorado residents

Make yourself safe by studying the laws, rules and regulations concerning Payday Loans and other short-term cash advance in Colorado. Apply for a Payday Loan online on a strong note.

Compare top legit Payday Lenders in Colorado:

LendYou is will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collatera or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

PaydayloansUSA.online offers Payday Loans, Installment Loans, Personal Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Vary by state.
  • Rates and fees: 4.99% to 1386% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Installment Loans
  • Personal Loans
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
Pros
  • Quick - no driving, waiting, faxing, paperwork.
  • More than 300 direct lenders.
  • High approval rate even for bad credit Payday Loans.
  • Online Payday cash advance with no collateral.
  • 24 / 7 online service.
  • No hard credit check Payday Loans.
Cons
  • High interest rates.
  • Available not in all the states.
  • Not many financial products offered.

 

 

Table of Contents:

Are Payday Loans legal in Colorado?

Colorado Payday Loan Terms and Amounts

Colorado Payday Loans online laws

Colorado Payday Loans interest rates, fees and other finance charges

Colorado Payday Loans direct lenders regulations

Colorado Payday Loans consumer information

Legitimate Payday Loans online with NO credit check in Colorado

Does Colorado law allow Payday Loans for bad credit borrowers?

Legit Payday Loans in Colorado collection practices

Colorado Payday Loans news  - latest changes

Colorado Payday Loans historical background

Colorado Payday Loan alternatives

Are Payday Loans Legal in Colorado?

Short-term Payday Loans are legal in the state of Colorado and are mostly regulated through Colo. Rev. Stat. 5-3.1-101 et seq.. The Payday Lending legislation covers all the parts of the process concerning:

  • Payday Loan amounts
  • Payday Loan repayment terms
  • Payday Loan online direct lenders
  • Payday Loan stores near you
  • Payday Loan interest rates and other fees
  • Payday Loan collecting practices
  • Payday Loan default penalties
  • The number of outstanding Payday Loans as well as a cooling-off period in-between etc.

Read more: Payday Loans in Colorado

The main Payday Loan requirements in are:

  • US residence
  • Minimum regular income of $1,000 per month
  • Valid checking or savings account with direct deposit
  • Phone number and e-mail address

Colorado allows maximum $500 Payday Loan amount. It should be repaid not earlier than 180 day(s) as you get your next paycheck. Earlier payments don’t contemplate any additional fees. You are likely to be charged <$300 = 20$ 
>$300 = 20$ + 7.5% of any excessive amount taking into account the maximum APR of 36.00%. For other details read further to find out how many Payday Loans you can borrow, whether rollovers or extensions are allowed, etc.

Colorado Payday Loan Terms and Amounts

Colorado residents who are eligible for a Payday Loan can get $500 cash advance per contract. The repayment term is capped at minimum 180 day(s).

However, there are no limits on the purpose of loan usage. Any urgent expenses, unforeseen bills, car repair, home repair, etc. may seem a sound reason to apply for a Payday Loan in Colorado.

If $500 is not enough, there are always other options to receive the necessary funds in Colorado: unsecured Installment Loans, bad credit Personal Loans, Title Loans, Check Cashing, Pawn Shops, etc.

Colorado Payday Loans online laws

Payday loans from both storefront and online lenders are legal in the state of Colorado according to the laws contained in Article 3.1 (Deferred Deposit Loan Act) of Title 5 (Consumer Credit Code) in the Colorado Revised Statutes (Colo. Rev. Stat. 5-3.1-101 et seq.). And any lender who violates these laws can be subject to civil penalties.

Reputable online lenders operating in accordance with all relevant state and federal laws can be applied to and compared on our platform using a simple online application form.

You state the necessary amount, fill in your personal information and get suitable offers from legit direct lenders. It takes only a few minutes and doesn't affect your credit score. 

Colorado Payday Loans interest rates, fees and other finance charges

The main part of payday loan payment is mostly made up of the interest rate, or APR. The average APR that may be charged for short-term cash advance in Colorado is 36.00%. It means that if you borrow $100 Payday Loan for 14 days the finance charges will be 15% of the amount advanced.

Besides, the total cost of a Payday Loan includes some additional fees. California lending rules allow to charge $25 NSF fee, default fee in the amount of a loan, plus attorney fee in case of a court.

The law obligates Colorado Payday Loan lenders to provide you with a written disclosure of all the rates and fees in the understandable language. You should read them carefully and if you agree acknowledge the notification by signing the contract.

Colorado Payday Loans direct lenders regulations 

According to Colorado payday loan laws all direct lenders are obliged to register their companies which will allow issuing payday loans contract. It concerns both Online Payday Loan direct lenders and lenders in a store near you.

The main rules regarding Payday loan lenders in Colorado state that they can:

  • Issue maximum $500 loan at a time
  • Charge up to <$300 = 20$ 
    >$300 = 20$ + 7.5% of any excessive amount
  • Give you a contract typed in a language you understand
  • Display license & fee structure at each location

But Colorado Payday Loan lenders are prohibited to:

  • Threaten you for late payments or loan default
  • Charge extra fees for an extension of repayment plan
  • Sell your personal information to any third parties

Nevertheless, you should be careful not to come across any scams. Some unfair lenders can operate without license or under a different license and offer too expensive ‘payday loans’ under illegal conditions. Always check that the lender you are going to apply to works under California state law.

Colorado Payday Loans consumer information

Besides amounts, rates and fees, consumers must be also well aware of other details of Payday Loans in Colorado. They include the availability and number of rollovers, extensions and repayment plan, a cooling-off period, any default penalties or additional fees, etc. Check out the table below to find the most essential information:

Rollovers or extensions 1 rollover
Cooling-off period None
NSF fee $25
Criminal actions Prohibited

Look for more detailed information on the official Colorado state regulator website - https://coag.gov/.

Legitimate Payday Loans online with NO credit check in Colorado

Looking for a legal Payday Loan with No credit check in Colorado? You must understand the meaning of this phrase correctly at first. No credit check implies that a lender will not inquire your credit history information from or send your borrowing data to any of the three major credit bureaus Equifax, Experian and TransUnion.

If you don’t want to damage your credit history, Colorado law allows you to apply for a Payday Loan with No credit check. But you should understand that a lender needs to check your creditworthiness at least in some way. He can perform a soft credit check when a lender pre-approves you for a loan and this inquiry will not appear on your credit report. Or there’re other ways to prove you can afford the cash advance. Payday Loan lenders use the tracking system to verify your debts, check your income, etc. And generally, they charge higher interest to lessen the risks.

Colorado Payday loans online no credit check are one of the easiest options of getting quick cash to cope with emergency financial requirements, especially for the people with poor credit.

Does Colorado law allow Payday Loans for bad credit borrowers?

The average credit score in Colorado is 688, placing it in the good range. But it doesn't mean that those who have a worse credit can't apply for a Payday Loan in Colorado. 

  • First of all, There're a lot of legit direct lenders in Colorado providing Payday cash advance to borrowers with both good and bad credit score.
  • Secondly, you can always find a cosigner to increase your chances of being approved for a bad credit Payday Loan.
  • Find out how to improve your credit score and do your best to do it fast. 
  • Or consider taking out a bad credit Installment Loan, or bad credit Personal Loan.

Legit Payday Loans in Colorado collection practices

If you can’t repay the loan amount plus interest on a due date it means you default the loan. When Colorado direct lender isn’t able to cash your check after the repayment term is over he may charge you a NSF fee. NSF fee means there are non-sufficient funds on your account. The amount charged is determined by the lender and stated in the agreement and may also be limited by the state’s Payday Loan law. In Colorado it’s $25.

Besides there are other default penalties in Colorado such as $25 NSF fee, default fee in the amount of a loan, plus attorney fee in case of a court.

What concerns collection practices, first of all, you may stay assured that any criminal actions are forbidden in Colorado. The laws limit the collection actions lenders can take – When a borrower has failed to repay a Colorado payday loan, the laws dictate that lenders are not allowed to take any legal action against that borrower unless the individual has closed his or her checking account prior to repaying the debt in full. This essentially means that borrowers who maintain their checking accounts and who are unable to repay payday loans will be protected from payday loan lenders’ attempts to sue them or garnish their wages.

If you think that your payday lender violates the Colorado Payday Loans law, you may file a written complaint with The Office of the Attorney General. The supervisor from that office interviews witnesses, reviews the payday lender’s business records and documentation, and determine whether to pursue civil or criminal charges.

Colorado Payday Loans news  - latest changes

Colorado’s new payday loans law taken in November, 2019 is now in effect. The loan interest rate for borrowers is now capped at 36% APR.  It also eliminates all other finance charges and fees associated with payday lending.

Colorado Payday Loans historical background

The history of Payday Loans in Colorado
2000s Payday Loans were legal.
2006 Payday Loans were capped at 36% APR for the military.
2007 Unsuccessful attempt of Payday lending reform.
2010 New laws required lenders to offer an affordable installment repayment plan which led to lower rates.
June 2, 2016 The Consumer Financial Protection Bureau (CFPB) proposed a Payday Loan Rule that hasn’t yet fully come into effect (expected in November 2020).

Colorado Payday Loan alternatives

If you're looking for instant cash advance in Colorado but not a Payday Loan, consider other alternative ways to get the necessary funds:

  • Apply for a Colorado Installment Loan - $1000 - $5000 cash advance repaid over several months or years in equal installments.
  • Take out a Car Title Loan if you own a vehicle to use as collateral.
  • Sell some of your valuable stuff online or at a pawn-shop.
  • Consider borrowing from a bank or credit union. 
  • Qualify for one of Federal or Colorado government assistance programs: Telephone Assistance Program, Mortgage Help and Colorado Foreclosure Assistance, Food Stamps Program, Colorado Employment First, Colorado Child Care Assistance Program and many others depending on your needs.

Loans for ANY  NEEDS
APR from 4.99%

Loans for ANY  NEEDS
APR from 4.99%

Advertiser Disclosure

Compacom.com is a referral advertising service that provides information and reviews on various companies to help customers compare them. It may or may not be affiliated with these businesses. Thus it is not responsible for their products and services. As you are redirected to the third party's website it's your responsibility to check all the details of the deal. Neither is Compacom.com liable for other companies' logos, names are trademarks™ or registered® trademarks used on our website. Their use does not signify or suggest the endorsement, affiliation, or sponsorship. The main aim is to provide verified information which is taken from the companies' websites and supported by the links to the sources.

Compacom.com can get some compensation for featured placement of certain sponsored products and services, or your clicking on links posted on this website. But it doesn't impact the way the companies are evaluated. Their rating is based solely on real people's reviews which go through a double verification via phone number and e-mail.

We strive to keep all the information on this site up-to-date and accurate but you should check any rates and terms as well as other product or service information on the provider's website.