Payday loans are consumer loans of up to $500.00 that may be obtained quickly and conveniently but must be repaid within forty days or less.
Colorado law allows payday lender to charge high interest rates for these transactions, which can be as much as 500% annual percentage rate. Under Colorado's payday loan law, a lender can renew, or refinance or "roll over", a payday loan one time at this high interest rate. After the one renewal, if the lender wants to refinance the loan again, it must do so only at the much lower interest rate of 36% allowed for regular loans under the Uniform Consumer Credit Code. Otherwise, the loan must be paid off in full.
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