Denver Colorado Cash Advance: Colorado Springs Payday Loans
About the payday loan and cash advance industry in Colorado
Payday loans in Colorado and Denver are legal, but there are several rules and limitations that apply to lenders and those seeking out Colorado cash advances. Payday loans and cash advances can help a borrower cover emergency expenses or unplanned for costs before they get their next paycheck. These short-term loans are usually made by businesses at higher-than-average interest rates and borrowers who are already in debt tend to default on these types of loans. Every state has different rules and laws pertaining to payday loans. In the State of Colorado, Colorado Springs payday loans, Denver payday loans and Colorado cash advances must be granted under the following conditions:
Laws Governing Colorado Payday Loans
The following laws apply to all Colorado payday loans and Colorado cash advances:
- Subject to a maximum loan limit
- The maximum loan term cannot exceed 6 months
- The maximum finance charges and fees cannot exceed 30% on balances from $0 to $300 + 7.5% on balances from $301 to $500
- The finance charges on a 14-day $100 loan cannot be more than $20
- Maximum APR on all loans cannot exceed 300 percent
In the State of Colorado, a borrower is only permitted to have one outstanding Colorado payday loan or cash advance at any given time. If you choose to apply for Colorado cash advances or payday loans, you are permitted one rollover for renewal.
In 2010, the Colorado House approved new regulations for payday loans in Colorado and Colorado cash advances, ensuring that borrowers would have more flexibility with their repayment plans. Lenders offering these types of loans are still permitted to charge origination fees of up to $75 per transaction, and monthly fees up to $30 or 45 percent of the interest charges on the balance. However, the Senate agreed that lenders must make Denver payday loans and Colorado payday loans to extend the loans for up to six months and give borrowers the option to repay the entire loan amount earlier if they were able to.
Applying for Payday Loans in Colorado
If you are interested in getting Colorado payday loans, cash advances, or Denver payday loans, you will need to provide proof of income and a form of identification. According to the Colorado Office of the Attorney General, the average payday loan borrower ends up refinancing their loan five times before they can pay off the original amount. It’s important to remember that payday loans in Colorado typically have extremely high interest rates so it may be difficult to pay off the loan in full once you do receive your paycheck.
You can file a complaint or get more information about payday loans in Colorado and Colorado cash advances by contacting the Colorado Office of the Attorney General at (303) 866-4494. The street address is:
Colorado Office of the Attorney General
Uniform Consumer Credit Code
1525 Sherman Street, 5th Floor
Denver, CO 80203