Best Good and Bad Credit Loans in Colorado, Payday Laws of October 2024
Best Loans in All States
Colorado’s Supervised Lenders Statute caps APRs on all installment loans administered throughout the state:
- For unpaid balances ≤ of $1,000, APRs are capped at 36%.
- For unpaid balances > $1,000 but ≤ $3,000, APRs are capped at 21%.
- For unpaid balances > $3,000, APRs are capped at 15%; the lender also has the option to charge 21% on the entire unpaid balance.
Allowable monthly handling charges include:
- $12.50 for loans $100 to $300.
- $15 for loans $301 to $500.
- $17.50 for loans $501 to $750.
- $20 for loans $751 to $1,000.
As well, non-sufficient funds fees are capped at $25. And the lender can only charge a $15 late payment fee if the borrower is more than 10 days delinquent.
Best Bad Credit Loans in Colorado of October 2024
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