Updated Apr 27, 2020
If you’re dealing with a monetary crisis, you might be considering an online payday loan. Colorado legislation regulates payday, or short-term, loans heavily. Our guide shall detail the expense of borrowing and exactly exactly what guidelines your lender must adhere to.
Could I get a loan that is payday Colorado?
Yes. Short-term loans are legal in Colorado. The Deferred Deposit Loan Act beneath the Colorado Revised Statutes 5-3.1-101 et seq. Governs the functioning of all of the short-term loan providers in their state.
The total amount you borrow in payday advances through any one loan provider cannot surpass $500. The minimum loan term is 6 months, and there isn’t any set maximum.