If you need to get instant cash for your immediate and unexpected expense, just secure a loan online or locally. However, before you do it is important that you know the laws pertaining to payday loans in Colorado, which will help you make the right decision. This article discusses the Colorado payday loan laws.
Payday loan is the best way for someone to get money instantly or the soonest possible time, because of the simplicity of payday loan. If you are someone with a bad credit score, you can benefit a lot from the hassle free service that lenders online and locally provide their customers, more so when you apply online for a loan.
Colorado Payday Loan Limit
The Colorado state like other states has a maximum loan limit set and that is $500 per loan at a time. In other words, you can only apply for $500 payday loan per transaction and location, with maximum length of 40 days. Additionally, anyone can rescind the loan just as long as cancellation is done not later than 5pm or business hour of the following day. But of course, you must check first with the payday lender if they allow withdrawal of loan.
Take note, checking with the payday lender is necessary as they have their own guidelines about withdrawal as well, which can affect you especially when it comes to roll over loan. The law allows the consumer to roll over the original principal loan, but before the maturity date.
In Colorado, the maximum finance rate that payday lender can charge their customers is 20% for $300 and above. In fact, any amount exceeding $300 can incur extra charge of around 7 1/2 percent but the finance charge should not go beyond the mandated 20% limit.Share