Colorado Payday Loan Laws and Legislation

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According to the state of Colorado laws payday lending is considered legal and is regulated by the corresponding laws such as Article 3.1 (Deferred Deposit Loan Act) of Title 5 (Consumer Credit Code) in the Colorado Revised Statutes. In this document all the information concerning the debt limits and amounts as well as financial charges and collection fees is contained.

In the state of Colorado a consumer is allowed to take out one payday loan at a time. The maximum amount is $500 that can be given for no longer than 40 days. A consumer has got a right to cancel the loan if it is not later than 5:00 P.M. the next day of the transaction. One rollover is allowed for a loan.

Not more than 20% can be charged for any payday loan up to $300. In case the loan amount is larger, extra 7.5% is added as finance charge. APR for $100 loan for a period of two weeks equates 520%.

According to the law one NSF collection fee not exceeding $25 can be charged. In case the loan is not repaid, the amount of the loan plus attorney fees can be recovered through the court trial. However, a collection agency is not allowed to file any actions against a borrower apart from the cases when the checking account of a borrower was closed before the repayment was done.

One more limitation stated by the Colorado state law is the prohibition on splitting the loan into two parts. Such a practice generally allows lending companies getting great profits by charging interest from both parts of the loans and therefore withdrawing more money from a borrower.

Sometimes it is pretty hard to live to the next paycheck and especially if unexpected expenses arise. However, residents of the U.S. are lucky to have a great opportunity not to get stresses about such things. There are a lot of payday lending companies that offer their services nowadays and loansdale.com is one of them.

We offer great and efficient services and very simple application process. The requirements are very little and you can rely on our experience and professionalism. We guarantee instant approval and fast solution of all your financial problems.

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