Many Coloradans occasionally need fast financial assistance from Denver to Colorado Springs and beyond. Whether it’s an unexpected bill, emergency repair, or urgent expense, short-term loans can help bridge the gap. Colorado law regulates payday loans, capping interest rates and requiring lenders to disclose all fees upfront. This ensures transparency, so you know exactly what you’re borrowing and its cost.
Short-Term Personal Loans Rates and Fees
Colorado’s payday loans are now structured as installment loans designed to offer quick financial relief while protecting consumers with capped fees and transparent terms. Note that you cannot have more than one outstanding payday loan under Colorado law at a time.
APRs
Under the reformed Colorado Deferred Deposit Loan Act (2010), payday loans must be structured with an effective APR of 36%. This rate covers both interest and all disclosed fees.
Loan Amounts
You can borrow up to $500 to cover your short-term financial needs.
Terms
Loans are structured as installment loans with a maximum term of 6 months. However, borrowers may repay early without penalty, even though the loan is set up on a 6‑month schedule.
Fees
Colorado law mandates a fee structure that includes:
- A monthly maintenance fee of up to $7.50 per $100 borrowed, capped at $30 per month.
- There are no origination fees if the loan is repaid within the first 30 days.
- All fees must be fully disclosed and are included in the APR calculation.
Example Calculation
- Loan Amount: $500
- APR: 36%
- Repayment Term: 6 months (installment loan)
- Estimated Monthly Payment: Approximately $98.4 (includes principal, interest, and the monthly maintenance fee)
- Total Repayment: Approximately $590, including all allowable fees
Lending Regulations in Colorado
Colorado payday loans are governed by the Colorado Deferred Deposit Loan Act, reformed in 2010 to ensure consumer protection. Licensed lenders must adhere to strict disclosure requirements; all fees are included in the APR calculation.
| Regulation | Details |
|---|---|
| Interest Rate Cap | Maximum effective APR of 36% under the installment loan structure |
| Maximum Loan Amount | Up to $500; borrowers cannot have more than one outstanding payday loan at a time |
| Term Length | Structured as a 6‑month installment loan (early repayment is allowed without penalty) |
| Fees | Includes a monthly maintenance fee of up to $7.50 per $100 borrowed (capped at $30 per month); no hidden fees; all fees are included in the APR calculation |
| Oversight | Regulated by the Colorado Division of Banking under the Colorado Deferred Deposit Loan Act (reformed 2010) |
Our Benefits
Effortless Application
Our online application is designed specifically for Colorado residents. Simply provide your basic details, and you’ll quickly receive personalized offers from licensed lenders.Tailored Lender Matches
We review your financial profile to connect you with lenders offering competitive rates and flexible terms that meet your unique needs.Secure Data Handling
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How to Apply for a Short-Term Loan in Colorado
Provide Your Information
Fill out our secure online form with your basic details, including the loan amount you need, your income, and other essential information.We Search Lender Offers
Once your application is submitted, our system will immediately match you with licensed lenders in Colorado who meet your financial needs.Accept and Get Funded
Review the personalized offers tailored to your financial profile. If you choose the best option, electronically sign the agreement and receive your funds, often on the same day.Loan Alternatives in Colorado
If a payday loan isn’t the right fit, consider these alternatives:
Emergency Loans
Get immediate cash to cover unexpected expenses quickly using emergency loans.
Personal Loans
Use personal loans for more significant loan amounts with flexible repayment terms for broader financial needs.
Installment Loans
Repay your loan in manageable monthly payments over a fixed period with installment loans.
Bad Credit Loans
Find specialized options designed for individuals with less-than-perfect credit using lousy credit loans.
FAQ
Are Short-Term Loans Legal in Colorado?
Yes, short-term payday loans are legal in Colorado under the Colorado Deferred Deposit Loan Act. Lenders must follow strict disclosure and consumer protection rules.
What are the requirements for Applying for a short-term loan in Colorado?
You must be a Colorado resident, at least 18 years old, and can provide proof of income and identification. Requirements may vary slightly by lender.
What Are the Top 5 Cities for Short-Term Loans in Colorado?
Denver, Colorado Springs, Aurora, Fort Collins, and Lakewood residents can access fast, tailored short-term loan services.
How Quickly Can I Receive Funds?
After approval, many lenders can deposit funds on the same day, ensuring you receive cash quickly.
What Fees Are Included in the APR?
Under Colorado law, all fees—including the monthly maintenance fee—must be fully disclosed and included in the APR calculation.
Can I Refinance My Short-Term Loan?
Refinancing or rollovers are not allowed under Colorado law. Early repayment is permitted without penalty, but additional refinancing options are not typically available.