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Payday Loan Laws in Colorado and Nevada

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  • 0 Comment |
  • 1839 |
  • by Joseph Priebe|
  • October 9, 2013 |
  • Loan Laws

Colorado and Nevada payday loan laws

If you're in the Rocky Mountains on a ski vacation and suddenly fall into an inconvenient financial predicament that requires you to take out an emergency payday loan, there are some Colorado laws you should be aware of.

The maximum amount of money a person can borrow in payday loans in the state of Colorado is $500. Also, the lender cannot employ a finance charge for each payday loan that exceeds 20 percent of the first $300 taken out, and not more than one-half percent of any amount of money taken out that is more than $300.

If you're not skiing, though find yourself stranded with a broken car on Lincoln Highway in a hot Nevada desert and need to repair it, you can expect to have the option to take out a payday loan that exceeds no more than 25 percent of your expected gross monthly income. After taking out the loan to fix your stalled vehicle, you will have no more than 60 days to pay it back in full.

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