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Colorado

Payday loans laws in the State of Colorado

In accordance with the state law of Colorado payday lending activities are legal and stay under the regulation of Deferred Deposit Loan Act (Article 3.1) and Consumer Credit Code (Title 5). These laws include all the data about amounts and limits of payday loans together with information about collection fees and financial charges on these loans.

A Colorado resident is allowed to borrow 1 payday loan from one place at a time. The amount limit is $500. The period of borrowing shouldn’t exceed 40 days. A borrower can call off the loan until 5:00 P.M. on the transaction’s next day. He is also allowed to extend a loan only one time.

It is prohibited to charge more than 20% for a loan for $300 and less. If the loan sum exceeds $300, a lender can ask for an additional financial fee which makes up 7.5%. Annual interest rate equals 520% for a $100 credit that a borrower takes for 14 days.

Under the legislation of Colorado a borrower can pay non-sufficient funds collection charge in the amount that doesn’t exceed $25. If a borrower hasn’t paid the loan back, the court can compensate the loan sum and expenses for attorney’s services to the lender. Any criminal actions against a borrower are forbidden, except for the situation when a lender finds out that the borrower’s personal account is closed before the repayment period.

There is one more restriction established by Colorado legislative acts – a ban on dividing a payday loan into 2 components. Usually payday lending companies that are engaged in such practices receive large profits, as they require borrowers to pay interest rates for every part of the loan and thereby charge a borrower extra money.

It is often difficult to rely just on your salary, as unpredictable expenses occur constantly. Fortunately, the citizens of the USA have a great chance to cover such expenses with payday loans. A great amount of payday lenders like loansassist.net are providing financial services to their clients at present.

An easy application procedure and high-quality services are guaranteed by us. There are practically no requirements for potential borrowers. You can have no doubts in your competence and experience in this industry. We promise that your application will be approved in a couple of minutes and all the financial issues will be resolved instantly.