Payday Loans in Colorado
Posted on Wednesday, June 16th, 2010 at 8:45 am in Cash Loan Info by State
The details of an instant cash advance, depending on which state you live in, can vary greatly. Although most states seems to have found an average for most of the terms of a loan- meaning the loan amount, length of loan and finances charged. But some states have unique sets of rules. Colorado imposes the typical payday regulations, such as loan term and amount, but the State also regulates how many loans a borrower may withdrawal at one time. This law also restricts the act of loan splitting, meaning that a payday lender is not allowed to split a loan in order to charge more fees on two separate loans. Colorado also allows one of the longest loan terms at 40 days. Whereas most States restrict their term loans to one month or less. Colorado also allows for a maximum loan amount of $500.
The interest charged per loan varies depending on the amount of each instant cash advance. For a loan of $300 or less, a payday lender may not charge more than 20% of the loan. The lender may not charge more than 7.5% on the loan amount which is over $300. And any loan of $500 has to pay the maximum finance charge of $75.
The payday loan laws of Colorado vary on certain details, relative to other states, but the regulations serve the same purpose. Each law imposed was created in order to protect the interest of the borrower, and remove the small percentage of unlawful payday lenders from the equation. Now, borrowers can feel comfortable applying for payday loans, and understand that they will be safe when doing so.
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