How to Compare Loans in Colorado
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We've seen a decline in the number of unsecured loans that banks provide in the past few years. While it may be challenging to get a personal loan from a bank, you could still get financing by taking a payday loan.
The way payday loans are governed varies from state to state, and the laws in Colorado are very clear.
Compare online loans in Colorado with our loan comparison tool above, or read more about online payday loan laws in Colorado below.
The Advantages of Online Colorado Loans
Colorado Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 36% |
| Max. Loan Amount | $500 |
| Min. Loan Term | 6 months |
| Max. Loan Term | Not specified |
| Number of Rollovers | 1 |
| Finance Charges | Max. 36% of the loan |
| Statute of Limitations | 3 years from the last payment |
A 2010 Colorado state law put strict regulations in place regarding payday lending and outlawed renewing a loan more than once.
The Colorado payday loan law prohibits a lender from extending a repayment term to more than six months.
However, Colorado cash advances and installment loans are still legal. These are often obtained from storefront lenders as well as online lenders.
Consumers wishing to apply for a personal loan in Colorado can find a reputable company online and read our reviews of different payday lenders here on financer.com.
Here are the rules for online payday loans in Colorado:
- The maximum loan amount is $500
- The maximum finance charge on a $300 loan is 20%
- The maximum loan term is six months
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
Payday Loan Requirements
When you apply for Colorado payday loans online, approval can be granted in as little as one hour, with some companies offering instant approval on smaller loans.
When applying for a cash advance in Colorado, you'll need the following:
- An active checking account. This is usually for the purpose of wiring money directly to your account once approved.
- Proof of income. This includes current information about your employer, plus any disability benefits.
- A working phone number. This can be either a home or mobile phone.
- Be at least 18 years old and a U.S. citizen or a permanent resident.
The Debt Limits in Colorado
The State of Colorado put forth debt limits in order to control the amount of money a borrower can have a loan for at a particular time.
A single individual can borrow a total of $500 in any number of loans.
Loan renewals attract a 45% interest rate. A person can have multiple loans as long as their total debt does not exceed $500.
A monthly maintenance fee of $7.50 per $100 loan is allowed. However, this loan maintenance fee should not exceed $30 for the entire loan term.
The law for personal loans in Colorado prohibits a lender from splitting a loan into two parts. In case a borrower fails to repay the loan by the due date, the law states that there should be repayment plan availability.
The Debt Collection Restrictions
If not regulated, often lenders for loans in Colorado springs are tempted to resort to unlawful methods to collect their debts.
That’s why these additional collection restrictions have been put forth by the State of Colorado in an effort to restrict such actions:
- Lenders can only collect a non-sufficient funds (NSF) fee of a maximum of $25 NSF.
- Unpaid loan amounts can be recovered through legal proceedings and a court trial.
- A collection agency is not prohibited from taking any legal action against a borrower.
- For early loan repayments, the lender must refund to the consumer a portion of the annual percentage rate.
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Compare Colorado Loans at Financer.com
Financer.com helps you compare the best personal loans in Colorado and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Colorado and take the guesswork out of doing all the legwork yourself.
Colorado Loans FAQs
Are payday loans legal in Colorado?
Yes, payday loans are available in Colorado. However, there are certain laws that regulate payday loans so always choose a reputable lender when taking out a payday loan in Co.
How much can I borrow in Texas?
Personal loans vary by lender and it's best to compare loan offers from leading online lenders before you choose the best offer. Your application will include a credit assessment and your offer may be based on your loan history.
Are there direct payday lenders in Colorado?
Yes, there are direct lenders that offer personal and payday loans in Colorado state.
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