In case of an emergency payday loans are the best one can ever opt for. However, Colorado regulates its payday loans heavily to its citizens and anyone applying for the loan.
Base on the article 3.1 deferred deposit loan act title 5 in the state of Colorado, payday loans are legal. But, there is a limit to the amount on can be given. According to payday loans, the maximum payday loan an individual can be awarded is $ 500.This is accompanied by a time limit of not less than six months.
How many payday loans can I get in Colorado? People are only allowed to take one payday loan. In addition to this, the state law had prohibited the splitting of the loans into two parts. An individual can take the complete loan or settle for nothing.
20% can be charged for loans up to $300 but in case the loan is higher an extra $7.5 is charged for every $100. 45% interest rates and the number of loans is not limited it totals to a value less than $500.
Based on the law one can be charged the NSF charges which should be below $ 25. There are cases where the loan is not paid. This calls for the court action, where the attorney fees and the loan can be recovered via a trial.
The gap between loans should be 30 days but if you pay your loans early the lender is obligated to provide you with the pro-rated amount interest.This is based on the remaining term of the loan.
– The leader can not charge more than 20% of the first $300 borrowed.
– Maintainance fee – Can not exceed $7.50 per $100 loaned
– Non-sufficient funds(NSF)- lenders can only charge $25
– Collection fee – this happens if there is a delay in the loan payment. The lender is allowed to charge the full loan amount plus the attorney fee is matters are taken to court.
Requirements to apply for a payday loan one must at least 18years old. A citizen of a permanent resident of Colorado Have a regular source of income Correct basic information.
You only have access to one payday loan, based on the laws that govern the distribution of payday loans. it is, therefore, advisable to familiarize with these laws before taking the loan. Also, check if you are eligible for the loan as well.Make the best of the quick loans to things to your advantage.