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Lending Laws of Colorado

When you take out a cash advance in Colorado, you are signing a long-term agreement. That’s different from other states where cash advance loans are supposed to be paid off when you get your next paycheck, but often get extended. In Colorado, the minimum loan term is six months. During that time, your financed loan is never allowed to exceed $500. The idea is that you’ll end up paying less over the course of six months than you would with an APR-heavy, 14-day loan that was extended for six months. An important thing to remember about Colorado cash advances, though, is that you don’t have to take the entire six months to pay them off. That minimum loan term is for your protection. If you can pay the loan off sooner, then you should.

Because the minimum loan term is six months, phrases like “finance charge for a 14-day $100 loan” are not applicable. That’s a good thing if you end up taking six months to pay off the loan. With a traditional cash advance, you would be hit with substantial rollover fees during that same period of time. In Colorado, you don’t pay extension or rollover fees for six whole months. What you will pay is 20-percent in fees for up to a $300 loan. The fees go up if you need more than that amount. If you’re borrowing $301-$500, you’ll pay the 20-percent, plus an extra 7.5-percent on however much over the $300 mark you borrowed. There are a few other fees you should be aware of, too. The lender can charge you another 45-percent interest rate per annum. After you’ve had the loan for 30 days, the lender can charge you a monthly maintenance fee of up to $7.50 for every $100 loaned, up to $30 a month.

Colorado (CO)

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About Colorado

Colorado is a state of the United States. It became a state in 1876. The state's largest city, and capital, is Denver. The "Denver-Aurora-Boulder Combined Statistical Area", is home to 2,927,911 people, it has more than two-thirds of the state's population. Other big cities are Colorado Springs and Aurora.

As of 2005, Colorado has an estimated population of 4,665,177, which is an increase of 63,356, or 1.4%, from the last year and an increase of 363,162, or 8.4%, since the year 2000. This has a natural increase since the last census of 205,321 people (that is 353,091 births minus 147,770 deaths) and an increase because of migration of 159,957 people into the state. Immigration from outside the United States makes a net increase of 112,217 people, and migration within the country made a net increase of 47,740 people.

The Bureau of Economic Analysis estimates that the total state product in 2007 was $236 billion. Per capita personal income in 2007 was $41,192, ranking Colorado eleventh in the United States. Early companies were based on the extraction and getting minerals and agricultural things. Today's agricultural things are cattle, wheat, dairy products, corn, and hay. On January 1 2014 Colorado became the first state to make marijuana legal. In the first week of this $5 million of marijuana was sold. The marijuana industry is expected to make Colorado's economy $359 million by the end of 2014.

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