Colorado Payday loans
Here is our guide on how to get the best payday loans in Colorado, how to make the most of it and how to protect yourself. A lot of people choose Colorado payday loans because it helps them get through rough patches in their financial life. If you choose to do so, be careful as these loans can rapidly spiral out of control and we therefore ask you to do your research: read the paperwork, have a repayment plan for yourself, and repay on time. Failing to do these things will almost certainly get you in trouble. MAIN OFFER
Are Colorado payday loans legal?
Yes, it is legal for companies to offer payday loans in Colorado. There is a law called the Deferred Deposit Loan Act that regulates operations in the entire state. Amounts cannot exceed $500 and the minimum term is 6 months. There is a provision that says that if you decide to cancel the loan, you have up to 5pm the next business day to do so. There aren’t maximum repayment terms with Colorado payday loans.
- $500 max
- Term minimum is 6 months
- Cancel til 5pm next business day
- No repay limit
A few Colorado payday loan options for you to consider
Things that make a Colorado payday loan a good idea
There are many negative things about Colorado payday loans but nonetheless there are plenty of things that are possible too.
- Application is easy You get either apply online or go to a storefront. Applying online means that you do not have to fax in any documents since the approval is completely done via the internet
- Quick access to cash You have quicker access to money when you apply at a store since you usually get your hands on the cash the same day. Online it can happen the same day but the money can also be deposited the next day.
- Bad credit ok Even without a perfect credit history you can be approved since what lenders are looking for is more than your credit history. In fact they are more interested in you having the ability to repay because you have a job
- You money as you please You can spend the money anyway you please. We recommend that you use Colorado payday loans exclusively for emergencies.
Fees & charges related to Colorado payday loans
- Finance charges The law governing Colorado payday loans do not permit charges that exceed 20% on $300. After $300, the charges can only be 7.5%.
- Interest rates These are not specified by the law. For example, if you repay faster than scheduled, you should get a refund that reduces your overall interest.
- Maintenance Monthly maintenance fees for Colorado payday loans cannot exceed $7.50 per $100 and the maximum monthly fee cannot go over $30. These can only be charged after the first month.
How to apply for a Colorado payday loan
You can either choose to apply for a Colorado payday loan through the internet or visiting a store. Here are some criteria you need to be aware of:
- 18 years old minimum
- American citizen or Permanent resident
- Regular source of income
- Name, DOB, SS#, ID, Address, email, phone
- Employment and income details
- Details of checking account