Debt Consolidation Forums Payday Loan help forums

What is the maximum APR payday lenders can charge in Colorado?

member profile picture
Posts: 1
Credits: 22.15
[Donate]

How much do I need to pay for the interest on payday loans in Colorado? A lender is charging 450% interest on loans. And, I have taken out 3 loans from him. Can't bear it anymore.




Hello Jonathan,

As per the old law, payday loan lenders at Colorado can charge maximum 520% APR (annual percentage rate). But as per the amended payday loan laws (2010), lenders may charge maximum up to 45% APR for each loan.

Of course, there's an initial maintenance fee - 20% for every $100 loan amount up to the first $300, and 7.5% for every $100 from $300 to $500, capped at $30 per month. It can be charged after the first 30 days if the borrower doesn't pay off the loan.

Sub: #1 posted on Thu, 06/23/2016 - 19:44

tiarajoseph11 tiarajoseph11

(Posts: 160 | Credits: 28.42)

Lending rules for Colorado payday loans:

The lender should lend an amount of $500 to a borrower. The lender shouldn’t lend more than $500. The lender can charge an interest rate of 45% per annum for each payday loan.

Sub: #2 posted on Fri, 07/01/2016 - 17:46

sanderspatricia29 sanderspatricia29

(Posts: 296 | Credits: 35.43)

The best thing to do is avoid taking out a payday loan. Look for alternatives - like borrowing the amount from one of your friends or family members. If you're making a verbal agreement, make sure you pay back the amount on time.

Sub: #3 posted on Thu, 07/07/2016 - 19:13

Good Nelly Good Nelly
Industry Expert
(Posts: 2540 | Credits: 520.22)

Attachment
More information
  • Files must be less than 1.25 GB.
  • Allowed file types: txt pdf jpg jpeg png.
Post as a guest
CAPTCHA
This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Post as a member

Share post

Page loaded in 1.546 seconds.