- Payday loans in Colo follow Iowa law (Iowa delayed deposit services law (Iowa Code ch. 533D)).
- Borrowing $300 at the state maximum costs $35 on a $300 check.
- The nearest larger city is Ames, about 16 miles away.
Colo at a glance
| Colo | |
|---|---|
| Population (2024 Census estimate) | 856 |
| Change since 2020 | +1.1% (growing) |
| County | Story County |
| Size rank among 609 Iowa places we cover | 317th |
| Nearest larger city | Ames (about 16 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Credit unions headquartered in Story County | 2 |
| Other towns within 25 miles | 32 (about 219,739 residents) |
| Typical payday APR statewide (CRL 2023) | 247% |
Payday lending in Colo follows Iowa state law. Lenders that serve Colo, in a store or online, must be licensed by the Iowa Division of Banking.
Credit unions near Colo
No credit union has its main office in Colo, but these are based elsewhere in Story County (NCUA, June 2026):
- River Valley Credit Union in Ames (state charter)
- Greater Iowa Credit Union in Ames (state charter)
Only federal credit unions can offer payday alternative loans (PALs), capped at 28% APR; state-chartered credit unions often have their own small-loan products. Membership rules apply, and only main offices are listed here; find branches near you with the NCUA Credit Union Locator. See how PALs work.
Payday loan rules that apply in Colo
The main Iowa rules for a payday loan in Colo: maximum: checks totaling $500 or less, including fees; maximum fee: $15 on the first $100, $10 on each additional $100; loan term: up to 31 days. See the full Iowa payday loan rules.
What a $300 loan costs in Colo
At Iowa’s maximum fee, borrowing $300 costs $35 on a $300 check. Statewide, the typical APR on a $400 payday loan was 247% (Center for Responsible Lending, June 2023). Check any offer with our payday loan calculator.
Other help in Story County before you borrow
- Call or text 211 for help with rent, utilities and food in Story County.
- Ask a federal credit union about a PAL: $200–$2,000 at no more than 28% APR (how PALs work).
- Check your bank app for a small-dollar loan or early pay (bank options).
- Try a cash advance app if you have direct deposit (apps compared).
Towns near Colo
The nearest larger city is Ames, about 16 miles away. See all 609 Iowa cities.
Need cash before payday?Send one free request to our lender network. We are not a lender; offers and rates come from lenders.
Request a loanFrequently asked questions
Are payday loans legal in Colo?
Yes. Payday loans are legal in Colo under Iowa state law, and lenders must be licensed by the Iowa Division of Banking.
How much does a payday loan cost in Colo?
At Iowa’s maximum fee, borrowing $300 costs $35 on a $300 check. The typical statewide APR was 247% in 2023.
Where is the nearest credit union to Colo?
No credit union is headquartered in Colo, but River Valley Credit Union is based in Ames, also in Story County.
Sources
- U.S. Census Bureau — City and town population totals, Vintage 2024
- U.S. Census Bureau — 2024 Gazetteer files (place locations)
- NCUA — Credit union call report data, June 2026 (FOICU)
- Iowa Division of Banking — Delayed deposit services history
- Iowa Administrative Code ch. 17 — Delayed deposit services
- Center for Responsible Lending — Red Alert Rates: APRs on $400 single-payment payday loans (June 2023)
- CDFI Fund — NCUA payday alternative loans summary