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Home » Client Education » Payday loan laws » Colorado

Payday loan laws in Colorado

For Lenders

Lending specifications:

  • Maximum loan amount: $500
  • Loan tenure: Minimum 6 months
  • Fees and finance charges: 20%: $0-$300 + 7.5%: $301-$500 plus 45% on yearly interest plus monthly maintenance fee $7.50 per $100 borrowed, up to $30, after first month.
  • Finance charge on a 14-day $100 loan: NA
  • APR on 14-day $100 loan: NA

Collection restrictions:

  • Collection fees: $25 NSF fee; court fees; attorney's fees (should not exceed the loan amount)
  • Criminal procedures: Prohibited
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: No limit if total debt remains within $500 and 30-days between loans
  • Rollovers allowed: One renewal allowed at 45% rate

Complaint cell:

  • Regulator: Office of the Attorney General of Colorado and Department of Law
  • Address: 1525 Sherman St.; Denver, Colorado 80203
  • Phone: 303-866-4500
  • Fax: 303-866-5691
  • Website: http://www.coloradoattorneygeneral.gov/

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The services of Oak View Law Group (OVLG) and its affiliates may not be available in all states. OVLG along with its Of Counsel attorneys may also be referred to as "Oak View Law Group", "we", "us" or "the firms".
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Disclaimer: The contents of this web site are not intended to establish an attorney-client relationship, provide the reader with legal advice, or substitute for legal advice from an attorney.

  1. The debt settlement program typically lasts between 6 months to 4 years time.
  2. At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
  3. Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
  4. Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
  5. That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest;
  6. Savings a customer realizes from use of a debt-relief service may be taxable income.
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