| Colorado Payday Loan Laws Could Change |
In Colorado, a law previously passed in November 2010 may be partially overwritten by a bill that is rapidly passing through the Senate, which is overall intent on allowing non-refundable origination fees for loans.
Payday loans were restricted in Colorado when a bill passed changed them to what a supporter of payday loans referred to as a "six-month loan installment product," as opposed to the traditional very short term loan for which paycheck advances are famous.
The law may be changed by a proposed bill that will not only allow lenders to charge a non-refundable origination fee, but may change the limit for the annual interest rate that payday lenders can charge customers.
The risks associated with payday loans stem from borrowers who do not pay back their loans on time according to their agreement. By taking out a loan you are sure you can afford to pay back, you can not only receive your payday loan to help you through your emergency situation, but you can ensure that you are able to pay back your loan.
At ConnectedCommunities our lenders offer quick and easy paycheck advances for when you need cash the most. Use our online payday loan application to find out if you are approved and possibly have your loan within 24 hours! |