Common Capital is a Help Organization dedicated to providing the public with comprehensive, accurate, and accessible online information about payday loans in Colorado
This loan calculator is provided as an estimator only. The details of your loan will depend on several factors including, but not limited to: loan amount, term, annual percentage rate (APR), fees, the state you live in, and the lender’s conditions. These details vary lender to lender and are subject to change at any time. The details of your loan will be provided to you by your lender.
| Year | No. of Stores | No. of Clients | No. of Loans | Value of Fees | Value of Loans |
|---|---|---|---|---|---|
| 2018 | 149 | 196K | 384K | - | $155.6M |
| 2017 | - | - | - | - | - |
| 2016 | - | 207K | 414K | - | $166M |
| 2015 | 242 | 234K | 449K | - | $178.6M |
| 2014 | 246 | 254K | 491K | - | $192.6M |
| 2013 | 260 | 259K | 481K | - | $189.1M |
| 2012 | 287 | 238K | 441K | - | $169.2M |
Discover our selection of the Top Licensed Payday Loan Lenders in Colorado, providing trusted and legal options for your urgent financial needs.
In Colorado, payday loans are governed by specific regulations to protect consumers from unsustainable debt. The state's laws are designed to ensure fair and transparent lending practices. Under the Colorado Revised Statutes 5-3.1-101 et seq., payday loans have distinct rules. These regulations include caps on finance charges, limits on loan amounts, and terms for repayment.
Firstly, the maximum loan amount in Colorado is $500, and the minimum loan term is six months, ensuring borrowers have sufficient time to repay. The finance charge for a $300 payday loan cannot exceed 20% for the first $300 borrowed and 7.5% for any amount above $300. Additionally, maintenance fees are capped at $7.50 per $100 loaned, up to $30 per month. The annual percentage rate (APR) for payday loans in Colorado is capped at 36%. These measures are in place to prevent the high costs often associated with payday lending.
For broader context, payday loans in Colorado are also subject to federal regulations, such as the Truth in Lending Act (TILA), which requires lenders to disclose the cost of the loan in terms of the APR and in absolute terms. This ensures transparency and allows consumers to compare costs. It's important for borrowers to be aware of these regulations to make informed decisions about payday loans. For more detailed information, you can refer to the official Colorado General Assembly website or the Consumer Financial Protection Bureau.
Alternatives to payday loans in Colorado include personal installment loans, credit union loans, credit counseling, emergency fund savings, and seeking assistance from non-profit organizations or community groups.
Guaranteed installment loans provide borrowers with a fixed repayment schedule over a set period. Unlike payday loans, these often come with lower APRs and longer repayment terms, making them more manageable for borrowers. Requirements typically include proof of income and a credit check, although some lenders may offer flexibility for those with less-than-perfect credit. These loans are a reliable alternative for those needing a more structured repayment plan.
Fast title loans are secured loans where borrowers use their vehicle title as collateral. They are a quick way to obtain cash, often on the same day. However, they carry high risks, including the potential loss of your vehicle if you cannot repay the loan. They differ from payday loans in that they require collateral, and loan amounts are typically higher.
Emergency loans available in Colorado for individuals without a bank account often include options like payday or title loans from lenders who don't require a traditional bank account. While convenient, these loans can carry high-interest rates and fees. It's crucial to consider the terms carefully and explore alternatives like community assistance programs.
Debt consolidation loans allow Colorado residents to combine multiple debts into a single loan, typically with a lower interest rate. This differs from payday loans, which are typically short-term and high-interest. A debt consolidation loan can be an effective way to manage and pay off debts over a longer period with more favorable terms.
Instant Personal Loans serve as a reliable financial resource for those facing urgent monetary needs. Renowned for their expedited processing, often within a day, these loans offer timely support in emergencies. Individuals seeking these loans typically need to provide evidence of stable income, hold a valid Colorado ID, and have an active bank account. The decision process may include a review of the applicant's credit history. Compared to payday loans, instant personal loans feature more advantageous terms, including reduced interest rates and extended repayment periods.
Cash loans with no credit are designed for Coloradan’s with no or low credit scores. These loans often have higher interest rates compared to traditional loans but are more accessible. Unlike payday loans, some of these loans offer the opportunity to build or improve credit scores when repaid responsibly.
Bad credit loans are specifically for borrowers with poor credit histories. While more accessible than traditional loans, they often come with higher interest rates. Unlike payday loans, bad credit loans can offer more substantial amounts and longer repayment periods, making them a viable option for those looking to rebuild credit.
Quick P2P (peer-to-peer) loans are facilitated through online platforms connecting borrowers with individual lenders. These loans can often be more flexible and offer better rates than traditional payday loans. P2P lending in Colorado bypasses traditional financial institutions, potentially offering more competitive rates and terms for borrowers with various credit histories.
For those seeking a payday loan with a low credit score in Colorado, the requirements are usually quite basic. The initial step involves finding trustworthy lenders who accommodate individuals with various credit profiles. It's important to gather necessary documents, typically including evidence of regular income (like recent pay stubs), a valid government-issued ID, and occasionally, proof of residency. Applications can be submitted either online or in-person, with many lenders offering expedited approval processes, often within a day, facilitating swift access to the required funds.
For those seeking a payday loan with a low credit score in Colorado, the requirements are usually quite basic. Lenders primarily look for proof of steady income, which is a key factor in assessing your ability to repay the loan. Additionally, a current bank account and valid identification are required. These minimal criteria make payday loans an accessible option for individuals who may not qualify for traditional bank loans due to their credit standing, providing an essential financial lifeline in urgent situations.
If you need to submit a complaint against a payday lender, the Colorado Attorney General’s Office, through the Consumer Credit Unit, is the regulatory authority that can assist. This office oversees the compliance of payday lenders with state laws and regulations.
Yes, payday loans are legal in Colorado. The state has specific regulations in place, including limits on loan amounts, fees, and repayment terms, to protect consumers from predatory lending practices.
In Colorado, payday loan debt forgiveness depends on the lender's policies. While not common, some lenders may offer debt settlement options in certain circumstances. Borrowers should directly negotiate with lenders or seek credit counseling for assistance.
It is challenging to get a payday loan without a bank account in Colorado. Most payday lenders require a bank account for loan approval as it allows them to deposit funds directly and process repayments.
Payday loans in Colorado typically have fixed interest rates. The state regulates these rates to protect consumers, ensuring consistency and predictability in loan repayments.
In Colorado, payday loans are unsecured. Borrowers do not need to provide collateral, such as property or vehicles, to obtain a payday loan.
Payday loan transactions in Colorado stay in the system for 3 years. The exact duration depends on the lender's policies and whether the loan is reported to credit bureaus, which typically keep loan records for seven years.