Like usual, the laws change from one state to the next state, but the majority of the states do allow Payday Loans, some with restrictions when it comes to interest rates, and length of time on Payday Loans, payday cash advances loans, cash advance loans, no fax loans, or cash advances.

Thirty-seven of the states, in the United States, can provide Payday Loan service, yet in thirteen states; it is illegal or heavily regulated.

Colorado:

Payday Loan lending in the state of Colorado is legal, but the Payday Loan companies must follow the state’s small loan lending rules, which are as follows:

• Maximun Amount of Loan - $500
• Term of Loan - Maximum 40 days
• Maximum Rate of Finance and Fees- 20% for a loan of $0-$300 + 7.5% for a loan of $301-$500
• Finance Charge on $100 loan for a 14 day period - $20
• APR for $100 loan for a 14 day period - 520%

With these regulations, a borrower may have one or more outstanding loan at any time and fees cannot be changed for loans that rollover, 3 rollovers permitted.  Repayment must be voluntary and no interest can be charged for using a payment plan to repay the loan.

In Nevada, a $25.00 NSF fee is collectable on checks that bounce and filing criminal action to collect is prohibited.

Regulations are administered by the Colorado Office of the Attorney General, Uniform Consumer Credit Code, 1525 Sherman St, 5th Floor, Denver, Colorado, 80203.  For more information, you can call them at 303-866-4494.

Payday Loans are the biggest cash advance lending businesses in America, but each state has specific laws that these companies must follow; therefore, people who are borrowing money need to check their state laws to find out which laws pertain to their state.