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

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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 - 07:14

tiarajoseph11 tiarajoseph11

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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 - 05:16

Sanders Patricia Sanders Patricia

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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 - 06:43

Good Nelly Good Nelly
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