Payday Loans in Colorado

In Colorado, payday loans work differently than in many other states. In most states payday loans need to be paid back all at once by your next paycheck, but not here. Colorado law requires these short-term loans to be split into multiple payments over time with at least six months to repay. The idea is to make the payments smaller and more manageable, so you're less likely to get stuck in a cycle of borrowing more just to cover what you owe.

People usually go for these loans when they're in a tight spot - think surprise medical bills, a busted car, or a utility shutoff notice. They're easy to get, even if your credit isn't great, because Colorado lenders care more about whether you've got steady income and a bank account than your credit score.

While Colorado's rules make these loans less predatory than in other states, the fees and interest can still strain tight budgets.

Who Can Get a Payday Loan in Colorado?

In Colorado, payday loans are regulated as short-term installment loans (not traditional single-payment payday loans).

Basic Requirements

To qualify, you'll need to meet these basic criteria, along with state-specific rules:

• Minimum age is 18 years old.

• Valid Colorado address and a government-issued ID (e.g., driver's license).

• Lenders require steady income (employment, gig work, benefits, pensions, etc.).

• No strict minimum income threshold, but you must prove you can repay the loan in installments.

• A checking account is required to receive funds and make automatic payments.

• No existing payday loans

• Loans must be repaid in at least 6 installments over 6+ months (no single-payment loans).

Can You Get a Loan with Bad Credit in Colorado?

Yes, you can get a loan with bad credit in Colorado, but your options may come with higher costs or stricter terms. Lenders in Colorado are required to follow state regulations that offer some borrower protections, even for those with poor credit.

Loan Options for Bad Credit in Colorado

1. Payday Loans (Installment Loans)

   • Colorado law requires payday loans to be repaid in at least 6 installments, with fees capped at 20% of the first 300+7.5300+7.5300.

   • Example: A $400 loan would cost 67.50 in fees, repaid over 6 months.

   • Lenders focus on income and bank account history, not credit scores.

2. Bad Credit Installment Loans

   • Online lenders (e.g., OppLoans, LendingPoint) may approve borrowers with low credit scores.

   • APRs range from 36%–199%, depending on the lender and your financial profile.

3. Secured Loans

   • Use collateral (e.g., car title, savings account) to qualify. Colorado allows car title loans, but they're risky—if you default, you could lose your vehicle.

How Can I Repay my Loan in Colorado?

In Colorado, repayment terms for a loan (including payday or installment loans) are finalized after approval. Once a lender approves your application, they'll send you a loan agreement outlining your payment schedule, due dates, fees, and other critical details.

LendUp's tip: Keep in mind, that Colorado law requires payday loans to be repaid in at least 6 installments, spread evenly over 6+ months.

Where Can I Get a Payday Loan Near Me in Colorado?

Major Cities with Physical Storefronts

1. Denver

• Check Into Cash
  Example location: 1236 S Federal Blvd, Denver, CO 80219

• Advance America (Note: Many locations closed; check online for updates).

2. Colorado Springs

• Check Into Cash
  Example location: 3220 N Nevada Ave, Colorado Springs, CO 80907

3. Aurora

• ACE Cash Express (Primarily online now; some locations may offer payday loans).

4. Pueblo

• Check Into Cash
  Example location: 1207 N Main St, Pueblo, CO 81003

5. Fort Collins

• Check Into Cash
  Example location: 110 E Foothills Pkwy, Fort Collins, CO 80525

LendUp's Tip: Before you visit any of the locations call ahead to ensure the store still offers payday loans as many now focus on title loans or check cashing. Also make sure to use the Colorado Uniform Consumer Credit Code Database to confirm a lender's license.

Colorado Loan Regulations (Updated 02.2025)

Here's a concise table with key details about payday loans in Colorado:

Legal Status	Legal
Regulating Law	Colorado Deferred Deposit Loan Act
Loan Amount	Up to $500
Loan Term	Minimum: 6 months
APR (Annual Percentage Rate)	Approximately 120% (varies by lender)
Finance Charges	Typically around 10% of the loan amount + additional fees
Rollovers	Not allowed
Cooling-Off Period	No new loan within 30 days if the borrower has 3 loans in a 6-month period
Repayment Plan	Required if borrower struggles with repayment
License Requirement for Lenders	Yes, lenders must be licensed by the state
Collection Restrictions	No criminal charges for non-payment

Why Choose LendUp for Colorado Payday Loans

LendUp, a smart and quick loan-matching service, offers easy access to payday loans, installment loans, and cash advances in Colorado, helping customers meet their short-term financial needs.

LendUp provides an entirely online approval process, with a fast application resulting in a decision within minutes, and the potential for funds to be available in your account upon approval by the next business day. This makes LendUp a convenient and reliable option for those seeking payday loans in Colorado.