Senior Contributor
Posts: 3,494
Registered: ‎05-25-2008
Re: PayDay Loans--Help!

johnsj21 wrote:
Everything that I'm reading online pretty much reads that if a payday loan lender wants to loan to a resident of colorado that the lender must be licensed in Colorado, if they are not then the loan would be null and void.  Check with you specific lenders to see if they are licensed in CO.

Actually, my point was that according to CO statutes, even a licensed PD loan company can only extend ONE loan at a time to a consumer.

Of course, after re-reading her original post, it seems as though she might have gotten the 3 loans from 3 different PDLCs ... perhaps making that statute moot. :smileysad:


Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!