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.
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.
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.
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.
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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 - 07:14
(Posts: 330 | Credits: 45.4)
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 - 05:16
(Posts: 713 | Credits: 73.21)
Sub: #3 posted on Thu, 07/07/2016 - 06:43
Industry Expert
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