What are your loan options in Colorado?
Looking for a quick payday loan in Colorado? Then you’ve come to the right place.
Many people run out of money due to unforeseen circumstances. If you are in that position a payday loan can save you month. A payday loan is a small loan which can be received fast if approved. So, if you have an emergency, need to fix your car or had an accident in the family this type of loan can be a big help.
Chances are that you need the money as soon as possible, and in some cases its possible to get it cash but many times it will be a deposit. In the US there are certain companies who have the license to provide payday loans, as many banks do not deal with them by default. This sort of a loan is just one out of the many short-term loans people can opt for when they are out of money but do not want to get any sort of a large credit.
Payday loans do exist in many states in the United States but each state does have the right to apply different sorts of regulations on it. Colorado is no exception from this and there are some severe regulations that affect the payday loans.
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What are the payday loan laws and regulations in Colorado?
Payday loans in Colorado are regulated through The Deferred Deposit Loan Act which falls under the Colorado Revised Statuses 5-31-101 et seq. law concerning all short term loans and credits.
There are therefore some certain terms and conditions a payday loan needs to fulfill. Let’s enlist these conditions:
- A payday loan in Colorado cannot exceed the total amount of USD 500
- The minimum term of a payday loan needs to be 6 months. The loans are paid back in predefined fragments.
- There is no maximum loan term
- The loan can be received in cash, via check or by a bank transfer however getting it in cash is the way most people go for.
How much can you be charged by a payday lender in Colorado?
- The maximum interest rate on a payday loan cannot exceed 45% of the total sum This law has been set up due to all the frauds and clear abuse of borrowers by pawn companies who have started to charge an incredibly high amount of interest for their loans.
Your rights as a borrower in CO
- Rollover: everyone who has opted for a payday loan can ask for one rollover if they are unable to pay back one month.
- Early payback is possible, in this case the lender has to refund a pro-rated amount with interest but this also depends on the terms of the specific loan.
- One person has the right to step back from getting a loan, if that happens before 5 p.m. the next business day as this time more or less equals the turnaround time of a payday loan.