This Article is About
debt consolidation company
hard earned money
alarming rate
vicious cycle
payday loan
average person
three months
Colorado State Payday Loan Laws
Join 1000's of Authors at StreetArticles Today!

Colorado State Payday Loan Laws

The Colorado state payday loan laws are similar to other states that look out for the lender rather than the borrower. You may take out a payday loan in Colorado for up to 40 days and they offer you the option to turn it into a six month plan, which can really get expensive at the interest rates they charge.

The interest rates are 20% of the first $300.00 borrowed, and 7.5% of the excess of the $300.00. Here come some more fees. They can charge a $75.00 origination fee and another monthly fee of 7.5% of $100.00 loaned, or $30.00.

With fees like this it is easy to see how they make their money. The longer you keep your loan, the more they make, in large amounts at that.

The amount limit of a payday loan in Colorado is $500.00

These laws are definitley not set up to protect you, the customer, but just the opposite, to take your hard earned money in over inflated frees and interest rates.

Colorado makes it easy to get caught in the payday loan trap, and it can bury you at an alarming rate of speed. Before you know it the fees add up to help devour your whole paycheck. Signing up for the six month plan at these rates will break the average person long before the 6 months are up.

Pretty soon you are borrowing more money from friends and relatives to cover the fees for borrowing the payday loan., do not pay on the principal, and all of a sudden your loan is in default. Vicious cycle for sure!

If you find yourself in trouble with payday loan debt in Colorado or any other state and need help sorting it all out, I suggest checking out a payday loan debt consolidation company. There are many out there and some are good and some are not so good.

Make sure you choose one that does not hold your money for up to three months before they start paying your loan company, Many do but there are a few that are on the up and up and really are there to help you. They can stop the phone calls, put the interest in check, and set you up on bi-weekly or monthly payments and open up that check a bit!

I hope reading the state of Colorado payday loan laws helps you become more informed on how payday loan laws are written in the Colorado.

Please feel free to share this article and leave any questions and comments below!

Street Talk

Hello Shawn, thanks for the information.

  about 9 years ago
You May Also Like
State Of Arizona Payday Loan Laws
The state of Arizona payday loan laws are supposedly set up to protect the borrower but they have many loopholes in them creating a potential payday loan trap setup. While the payday loan limit is one at a time, people get around it by simply telling the company they do…
By:  in  Finance  >  PayDay Loans   Nov 02, 2012  
  Likes: 5

Nevada And Payday Loans, A Complete Payday Loan Trap Set Up!
Nevada and payday loans go together like hot butter on popcorn. This state is set up for complete and major profits for the payday lender and do not do much for the borrowers but make them poor at an alarming rate! How so? The payday loan laws of this state…
By:  in  Finance  >  Debt Consolidation   Nov 20, 2012  
  Likes: 2

Payday Loan Laws In Alaska
The payday loan laws in Alaska state a payday loan must be 14 days minimum with a loan limit amount of $500.00. The interest rates are 15% or the lesser of $15.00 per $100.00 plus a $5.00 fee. Breaking this down a $500.00 loan for two weeks would cost you…
By:  in  Finance  >  PayDay Loans   Oct 31, 2012  
  Likes: 7

Payday Loan Laws For Hawaii State, Are You Informed In Your Choices?
You have one choice in payday loan laws for Hawaii state, and that is do not use them! These loans are so dangerous and it is so easy to get trapped into a cycle of debt that is really hard to break. Hawaii has a time limit of 32 days…
By:  in  Finance  >  PayDay Loans   Nov 06, 2012  
  Likes: 6

Delaware State Payday Loan Laws And How they Can Effect Your Finances
The Delaware state payday loan laws are another example of perfect bait for the payday loan trap. They define payday loans under the small loans law in Delaware, thus allowing the lending companies to charge any interest rate the borrower will agree to pay. This is an open ticket to…
By:  in  Finance  >  PayDay Loans   Nov 06, 2012  
  Likes: 4

How To Handle Mortgage Repossession
People who suffer mortgage repossession are prone to migraines and panic attacks. Imagine having to face the world without a home to provide comfort, security, and shelter. If you’re facing this kind of situation, then you need to find a way out as quickly as possible. You might be wondering,…
By: Esha Hills in  Legal  >  Real Estate Law   Mar 25, 2013  
  Likes: 0

Need Debt Help Now? Consolidate Payday Loans Today!
Don needed money fast, now Don is saying "I need debt help now!" It is time for Don to consolidate payday loans today! What happened? Don got himself caught in the payday loan trap. he needed money right away, so he went to a payday loan company and took out…
By:  in  Finance  >  Debt Consolidation   Dec 06, 2012  
  Likes: 4

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:  in  Finance  >  Debt Consolidation   Oct 29, 2012  
  Likes: 6

How Does Payday Loan Debt Consolidation Work?
Payday loan consolidation is a type of program that can help you to repay your debt over a longer period of time - instead of having to make a payment every few weeks. Consolidation is a term that often refers to the process of using a program designed to help…
By: Leo E in  Finance  >  Debt Consolidation   Dec 02, 2012  
  Likes: 0

Debt Consolidation Of Payday Loans In Illinois
After reading the laws from this state, I can see why there are so many people looking for debt consolidation of payday loans in Illinois. The first red flag is the interest rates allowed, $15.50 per $100.00 borrowed. This can add up incredibly fast if you borrow the maximum of…
By:  in  Finance  >  PayDay Loans   Nov 06, 2012  
  Likes: 6

New Jersey And Payday Loan Debt, What Can I Do?
This state is set up for maximum profits by the payday loan companies, and has borrowers shouting , " Payday loan debt and New Jersey, what can I do??" Well, not much if you get stuck in a payday loan trap. These companies make it darn near impossible to get…
By:  in  Finance  >  Debt Consolidation   Nov 20, 2012  
  Likes: 0

How To Get Rid Of Payday Loan Debt
Ok you had to get a payday loan and if you’re like many people you don't have just one you now have several and the bi-weekly payments are killing you. You barley have enough to cover the payments for the loans and it’s leaving you with nothing for your day…
By: Leo E in  Finance  >  Debt Consolidation   Jan 19, 2013  
  Likes: 2

Idaho State Payday Loan Laws And How They Effect You!
This article on Idaho state payday loan laws will cover how they effect you and what you should watch out for when deciding to use this service. There really are no limits on the length of a payday loan in Idaho, and the amount cap is $1000.00, which can lead…
By:  in  Finance  >  PayDay Loans   Nov 06, 2012  
  Likes: 1

Can You Consolidate Payday Loans In New York?
Kelly, a member of one of my online groups E mailed me yesterday and asked, "Can you consolidate payday loans in New York?" I told her of course you can, but what happened that you would need to do this? She answered back with a long explanation of what happened…
By:  in  Finance  >  PayDay Loans   Jan 03, 2013  
  Likes: 11

Iowa State Payday Loan Laws, Are You Getting Taken To The Cleaners?
The Iowa state payday loan laws allow payday loan companies to charge a per $100 interest charge. This can lead to huge charges if a borrower has to roll over a payday loan. At 15% on the first $100.00 and 10% on the next $100.00 up to a limit of…
By:  in  Finance  >  PayDay Loans   Nov 07, 2012  
  Likes: 6

Article Views: 2018    Report this Article