Payday Loans Colorado

The people of Colorado are like the residents of any other state in that sometimes they need money before payday. Emergencies happen and in these cases you cannot wait until payday. Where do you turn for help when this happens? Many have found that payday loans Colorado residents can apply for may be just what is needed when you are in a financial pinch.

Payday loans are supposed to be short term loans that give you just enough money to get through until your next payday. To get these loans you need to provide proof of employment and your last paycheck stub. This will help the lenders figure out how much money they can lend to an individual and when the loan is due. The lender does not want to lend too much money or he cannot collect on the debt. He also wants to know when the borrower gets paid so he can be sure to get his money back then. Payday loans are usually due within 14 to 30 days, depending on your pay periods.

Colorado has some specific laws associated with the payday loans Colorado residents often need in emergent situations. Colorado law has allowed for companies to issue loans with interest rates that are into the three digits so long as they are based on checks written on the bank account of the borrower. Colorado has stated that consumer cannot have more than one payday loan pending at one time. Some other at a glance details you should be aware of include but are not limited to:

Maximum loan amount is $500

The maximum loan term is 40 days though most range from 14 to 30

Borrowers are allowed one renewal or extension only

Colorado law allows the lender to charge 20% interest on the first $300 borrowed

Loan amounts over $300 can only be charged with a 7.5% interest rate

The maximum amount of finance charges on a $500 loan is $75

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