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Find Payday Loan Companies in Colorado

Governing law in state:
Colorado's safe harbor legislation authorizes cash advance companies to issue loans with interest rates in the triple digits and based on checks written on borrowers' bank accounts. Pursuant to Colorado law, a consumer cannot have more than one payday advance loan pending at one time.

Maximum loan amount:
Colorado law permits cash advance lenders to issue loans to consumers for a maximum amount of $500 per borrower.

Loan terms:
The maximum loan term that a payday loan store can offer is 40 days.

Extensions:
Borrowers are allowed one renewal or extension.

Fees and charges:
Under Colorado law, the maximum finance rate that a cash advance lender can charge on the first $300 borrowed is 20%; on loan amounts over $300, the finance rate cannot exceed 7.5%. The finance fee on a two-week loan in the amount of $100 is $20. The maximum finance charge that a payday loan company can charge on loans of $500 is $75.

Fee schedules and APR:
The annual percentage rate (APR) for a two-week loan for $100 is 520%.

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Find Payday Lenders Near Colorado

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Colorado Loan Statistics
2012 2011 2010
Average Loan573561556
Average Age383838
Pay Schedule
  Weekly9%9%9%
  Bi-Weekly54%55%52%
  Monthly17%21%21%
  Twice Per Month20%16%17%
Home Owner20%19%24%
Renter80%81%76%
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