Colorado payday loan laws

Legal Status Legal (Lower Cost)

Citation:  Colo. Rev. Stat. 5-3.1-101 et seq.

Loan Terms:

Maximum Loan Amount:  $500
Loan Term: Min:  6 Months
Maximum Finance Rate and Fees:  20%: $0-$300 + 7.5%: $301-$500 plus 45% per annum interest plus monthly maintenance fee $7.50 per $100 borrowed, up to $30, after first month.
Finance Charge for 14-day $100 loan: Not applicable
APR for 14-day $100 loan:  Not applicable

Debt Limits:

Maximum Number of Outstanding Loans at One Time:  No limit if total debt does not exceed $500 and 30-days between loans
Rollovers Permitted:  One renewal at 45% interest allowed.
Repayment Plan:

Collection Limits:

Collection Fees:  One $25 NSF fee; Court Costs; Reasonable Attorney’s Fees not to exceed loan amount
Criminal Action: Prohibited (Unless the consumer’s account was closed before the agreed upon negotiation date)

Where to Complain, Get Information:
Regulator:  Colorado Office of the Attorney General
Address:  1300 Broadway, 10th Floor, Denver, CO 80203
Phone:  720-508-6000
Fax:  720-508-6030

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