Payday Loans and Cash Advance in Denver, CO
Capped at 36% APR since February 2019 in Colorado. What a shortfall looks like on Denver rent and pay, the local rules, who to call for help, and how to request a cash advance online.
Denver pays well on paper and charges for it in rent. State government, the hospitals, Denver International Airport, construction cranes over RiNo and the tech and finance offices downtown push the median income high, but the same demand has pushed a one-bedroom past what a server, a CNA or a warehouse picker at the airport can carry alone. Households in Westwood, Montbello, Globeville and along Federal Boulevard often stack two incomes and a roommate to make it work. The other Denver pressure is seasonal: an Xcel bill spikes when the furnace runs through a January cold snap, and snow days mean lost hours for anyone paid by the shift. RTD fares add up for people commuting from the edges of the city, and a car that fails emissions can cost a week's pay to fix. A $500 gap in Denver is usually a timing problem between rent on the first and a paycheck on the fifth. Colorado's 2018 vote capped payday loan rates at 36 percent and pushed most storefronts out of business, so the options here are a licensed small-dollar installment loan, a credit union, or the city and state programs that pay a bill outright.
What a $500 Shortfall Looks Like in Denver
Denver's median household income of $94,718 is about $7,893 a month before taxes, so a $500 shortfall is roughly 6.3% of a typical month. Against the median gross rent of $1,831 it is about 27.3% of one rent payment. The median is pulled up by well-paid professionals; for a household at half that income the same $500 is nearly 13% of the month, or most of a week's take-home pay.
Colorado Rules That Apply in Denver
| Rule | CO |
|---|---|
| Maximum amount | $500; the amount financed by any one lender to a consumer may not exceed $500 at any time (C.R.S. 5-3.1-106) |
| Maximum fee per $100 | Finance charge capped at 36% APR, with no other charges except those the Act expressly authorizes (C.R.S. 5-3.1-105) |
| Maximum term | None; the statute sets no maximum loan term and no minimum finance charge (C.R.S. 5-3.1-103) |
| Rollovers | One renewal only, at no more than 36% APR; after that the loan must be repaid (C.R.S. 5-3.1-108) |
| $300 for 14 days | $4.14 fee, 36% APR |
The full law, the regulator's phone number and the statute citations are on the Colorado cash advance page.
Local Ordinance in Denver
Denver has no city ordinance on payday or deferred deposit loans; the Denver Revised Municipal Code relies on the Colorado Deferred Deposit Loan Act, which since February 1, 2019 caps these loans at 36 percent APR, $500 in principal and a minimum six-month term, with lenders licensed by the Attorney General's Consumer Credit Unit.
Free Help in Denver Before You Borrow
- 2-1-1 Colorado: Statewide referral line for rent, utility, food and shelter help; toll-free (866) 760-6489. Call 211 or visit 211colorado.org.
- Colorado LEAP (Low-income Energy Assistance Program): State heating bill help for the November to April season, applied for through the county; HEAT HELP line. Call 1-866-432-8435 or visit cdhs.colorado.gov/leap.
- Denver Human Services: City and county agency for food, cash, energy and other public benefits. Call 720-944-4347 or visit denvergov.org/Government/Agencies-Departments-Offices/Agencies-Departments-Offices-Directory/Denver-Human-Services.
- Denver Temporary Rental and Utility Assistance (TRUA), CARE Center: City program for past-due rent, Denver Water and Xcel bills; call or text the CARE Center to apply. Call 303-838-1200 or visit denvergov.org/Government/Agencies-Departments-Offices/Agencies-Departments-Offices-Directory/Department-of-Housing-Stability/Resident-Resources/Rent-and-Utility-Help.
Frequently Asked Questions
Are payday loans still available in Denver?
Legally yes, but rarely in the old form. Since Proposition 111 took effect on February 1, 2019, Colorado caps deferred deposit loans at 36 percent APR, limits principal to $500 and requires at least six months to repay. Most storefront payday chains closed, and what remains in Denver is mostly online lenders licensed by the Colorado Attorney General.
How much can a cash advance cost in Colorado?
No more than 36 percent APR including all fees, under C.R.S. 5-3.1-105 as amended by Proposition 111. On a $500 loan repaid over six months that is a modest finance charge compared with pre-2019 payday pricing. Any lender quoting more, or adding origination or monthly fees on top, is not following Colorado law and can be reported to the Attorney General.
Does Denver help with rent or Xcel bills?
Yes. Denver's Temporary Rental and Utility Assistance program can cover past-due rent and Denver Water or Xcel Energy bills for eligible residents; apply through the CARE Center at 303-838-1200. LEAP handles winter heating help from November through April, and Denver Human Services runs the county benefit programs. All three cost nothing to repay.
Is a Denver cash advance reported to credit bureaus?
It depends on the lender. Many small-dollar lenders do not report on-time payments, but collections on a defaulted loan often show up. Ask before you sign. If building credit matters, a credit union in Denver may offer a small loan or a secured card that reports monthly, which does more for you than a cash advance.
