Advantages of payday loans in Colorado

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Advantages of Payday Loans in Colorado

If you’re facing a financial emergency, you may be considering a payday loan. Payday loans are loans that lenders give for a short term till you receive the next paycheck. The amount however varies from $30 to $2,500, depending on a state. Colorado law regulates such loans which can be obtained online or through storefront lenders.

Five quick facts about payday loans in Colorado

  • Maximum loan amount: $500
  • Minimum loan term: 6 months
  • Maximum loan term: None
  • Maximum APR: 45%
  • Rollovers: You are permitted 1 rollover.

There is no limit on the number of loans borrowed as long as the combined total doesn’t exceed $500. If you pay off your loan early, your lender must refund you a pro-rated amount of interest based on the remaining term of your loan.

Reasons to Get a Colorado Payday Loan

  • In the case when a bank has refused to give a loan, one can obtain a quick loan for a short-term period to cover your mortgage or rent.
  • To manage everyday expenses and other consumer requirements. 
  • Fulfilling the requirement of covering credit card debt. 
  • You need to satisfy a debt that can cost you a lot if you miss it facing possible penalties.

What fees will I have to pay?

Finance charges: A lender can’t charge more than 20% for the first $300 borrowed. They may charge an additional 7.5% per $100 for any amount over $300.

Maintenance fees: The maintenance fee can’t exceed more than $7.50 per $100 loaned, up to a maximum of $30 per month the loan is outstanding.

Non-sufficient funds (NSF) fees: Lenders can charge $25.

Collection fees: If you fail to repay your loan, a lender can charge you the full amount of the loan and attorney fees if the default is brought to court.

Benefits of Colorado Payday Loans

  • One can receive cash fast.
  • One is free to spend the money on whatever he/she deems fit.
  • One can get cash loans in Colorado without a check on the credit score.
  • Payday loans are easy to obtain.

How can I apply for short-term loan?

If you’re interested in applying for a short-term loan in Colorado, you’ll need to meet the following eligbility criteria:

  • Be at least 18 years old
  • Be a US citizen or a permanent resident
  • Have a regular source of income

To complete your application successfully, prepare to submit some basic information:

  • Personal details, such as your name, date of birth, Social Security number and a valid form of ID
  • Contact details, such as your residential address, email address and phone number
  • Details about your employment and income

To obtain the loan in Colorado, one needs to be a legal resident of the state. Bad credit is not a problem. However one needs a stable income of more than $1000 per month. You must also not be a debtor in a bankruptcy. One can also exercise the right to rescind (cancel) a payday loan before 5 p.m the next business day after the loan transaction has taken place.

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