Updated Apr 27, 2020
You may be considering a payday loan if you’re facing a financial emergency. Colorado law regulates payday, or short-term, loans greatly. Our guide will detail the expense of borrowing and just exactly what rules 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 underneath the Colorado Revised Statutes 5-3.1-101 et seq. Governs the functioning of all of the short-term lenders in their state.
The total amount you borrow in payday advances through any one loan provider cannot meet or exceed $500. The minimum loan term is 6 months, and there is absolutely no set maximum. You have the directly to rescind (cancel) an online payday loan before 5 p.m. Continue reading “Know this information that is important you’re considering a quick payday loan in Colorado.”