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Know this information that is important you’re considering an online payday loan in Colorado.

Know this information that is important you’re considering an online payday loan in Colorado.

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.