This Article is About
payday loan
payday loan industry
payday lenders
status quo
payday loans
licensing agreements
recession
Payday Loan Laws In Colorado
Join 1000's of Authors at StreetArticles Today!

Payday Loan Laws In Colorado

The state of Colorado is taking up the fight against faulty payday lenders much like other states in the union. For many of the poor people in the state who have suffered through the financial recession, this is a welcome change to the status quo. Rather than allowing payday lenders to infiltrate the state’s democratic process with lobbying efforts, the payday loan laws in Colorado have become a bulwark for the citizens of the state who are trying to protect themselves from suffering under the strain of debt. Below is a brief explanation of the Colorado laws for you to make your own educated decisions.

Licensing Payday Loan Laws in Colorado

Any state trying to protect their constituents should first look to licensing agreements to make sure that they are all properly in order. Creating a funnel at the very earliest stages of the payday loan industry, such as requiring licenses to weed out poor quality lenders, is one of the best ways to avoid any kind of major problems. The licensing payday loan laws in Colorado have been a big part of the fight to make it safer for citizens to get credit and pay for the things they need. The companies, such as CheckCity, have been able to get a license by complying with many of the rules. This is the only online company licensed in the state, which should tell you something about the quality that the government allows to be a part of this process. The storefront companies must also pass many of these same tests.

Protection through Payday Loan Laws in Colorado

The consumers of payday loans in Colorado have a number of protections at their disposal that many other states cannot use. First of all, the payday loan laws in Colorado stipulate that each borrower can only have one outstanding lender at a time. This means that someone who wants to borrow money to pay off another lender will be unable to do this. This makes sure that people do not fall under the payday loan trap that has ensnared so many people in the state and the country before.

As a further evidence to the protection through payday loan laws in Colorado, the period of time that a loan is offered is far extended compared with others. Most require 15 days for a loan, but the state of Colorado makes the exception of allowing 40 days to offer more protection.


Street Talk

Nice article, thanks for the info.

Reply
  about 9 years ago

Awesome of you to say that Alfred, thanks!

Reply
  about 9 years ago

It is nice to know there are people out there who are trying to combat the horrors of out of control payday loan debt. Great info here David, and your site is awesome.

Reply
  about 9 years ago

Well thank you Shawn that is very cool of you to say that and what we are doing to help others goes beyond what any other program out there does.

Reply
  about 9 years ago
You May Also Like
Eliminating Payday Loan Debt - People Targeted for Scam
The documentation that businesses and databases maintain in the modern era is something that many people fear. Many of the things that every person does on a regular basis are documented and used in order to sell products or services. Sometimes the data is even used in order to scam…
By:  in  Finance  >  Debt Management   Jul 18, 2012  
8
  Likes: 7

Payday Loan Laws In Oregon
As one of the most progressive states in the United States of America, Oregon has hit the nail on the head for payday loan laws. Their protection has made sure that many of the consumers in the state are not only protected from predatory lenders, but are also protected from…
By:  in  Finance  >  Debt Consolidation   Oct 02, 2012  
7
  Likes: 8

Payday Loan Hell
In the Christian religion, and some other Judeo-Christian religions, the concept of “hell” has taken root. Many people fear hell in the afterlife and therefore maintain good relations while they are living. However, the people who are suffering with families every day are in their own type of hell on…
By:  in  Finance  >  Debt Consolidation   Aug 30, 2012  
28
  Likes: 13

How Do I Get Out Of This Payday Loan Trap?
Working with payday loan clients, I have heard a lot of sad stories in my day. Without a doubt the worst stories are from parents who have responsibilities and have still fallen into the payday loan trap. I dread hearing “how do I get out of this payday loan trap?”…
By:  in  Finance  >  Debt Management   Nov 02, 2012  
4
  Likes: 7

Missouri Getting Help With Payday Loan Debts
It is a well known fact that the payday loan industry funnels millions of dollars into the campaign treasure chests for many different Congress men and women. In fact, one of the states that has the biggest industry of payday lenders is the state of Missouri. They have been able…
By:  in  Finance  >  Debt Management   Aug 10, 2012  
13
  Likes: 11

How Can I Get Out Of Payday Loan Debt?
In the consolidation business you hear a lot of people asking “how can I get out of payday loan debt?” and the answer is always the same: through hard work! Still, there are some simple tricks that you can use in order to get rid of this debt. This is…
By:  in  Finance  >  Debt Consolidation   Oct 31, 2012  
2
  Likes: 3

Gift Giving And Payday Loan Debt
Although it may sound like a stretch to discuss giving gifts and payday loan debt in the same sentence, the two can be very closely related. Birthdays and holidays can be a huge financial drain on resources during some of the most crucial parts of the year. Right when the…
By:  in  Finance  >  Debt Consolidation   Jun 26, 2012  
9
  Likes: 5

Payday Loan Laws In Florida
If you are thinking of getting a payday loan and you live in this state you need to check out the payday loan laws in Florida before you take the plunge. They are very much lender friendly and are set up around existing lender laws so they can legally do…
By: Shawn Lee  in  Finance  >  Debt Consolidation   Oct 29, 2012  
13
  Likes: 6

How to Get Rid Of A Payday Loan Fast
Anyone who has gotten into payday loan debt is aware of the negative affects it can have. Not only is credit destroyed, but stress can become an ever-present problem in your life that simply does not go away. The additional interest rates will continue to plague you and your family…
By:  in  Finance  >  Debt Management   Dec 08, 2012  
5
  Likes: 5

Help Payday Loan Debt
There are many ways that you can help payday loan debt, but the first is to avoid it altogether. This might sound counter intuitive, but we are going to use this article to help you to avoid debt altogether so that you never have to worry about this crushing problem.…
By:  in  Finance  >  Debt Consolidation   Jan 31, 2013  
2
  Likes: 4

Payday Loan Help In New York
Millions of men and women have been affected by the recession in 2008, but that does not mean that debt and other issues have to be a major concern. The people of New York were especially hard hit due to the fact that they were in the financial capital of…
By:  in  Finance  >  Debt Management   Sep 28, 2012  
3
  Likes: 7

Help With Payday Loan Debts
Men and women are increasingly looking at bank and payday loan statements in bewilderment. Almost no other industry could get away with the type of abuse that they are able to get away with when it comes to interest rate payments. These types of payments are nearly impossible to pay…
By:  in  Finance  >  Debt Management   Oct 02, 2012  
5
  Likes: 6

Virginia Payday Loan Laws
As one of the first states in the nation, Virginia is always looked to as one of the examples when they create their laws. In the case of payday loans, this is also the case. Virginia payday loan laws are not very complicated to understand, but many people do not…
By:  in  Finance  >  Debt Management   Oct 05, 2012  
6
  Likes: 7

Online Payday Loan Traps, Have You Been Caught?
Kind of a catchy title, "Online Payday Loan Traps, Have You Been Caught?" unless you have been caught. There are traps to be watched out for when using these companies that will make them very wealthy and you very poor, all in a very short time. My story today is…
By: Shawn Lee  in  Finance  >  PayDay Loans   Jan 30, 2013  
22
  Likes: 19

Payday Loan Debt Help – How to Rid Yourself Of Those Loans
The American economy has been so poor for the past four years that many families are having serious trouble maintaining a family. There are many Americans who have been unable to keep their job through this downtown and the unemployment rate does not seem to be decreasing much every month.…
By:  in  Finance  >  Debt Consolidation   Jul 21, 2012  
12
  Likes: 8

Article Views: 1524    Report this Article