Colorado Payday Loans
Ever wondered if you can get Colorado payday loans? Or whether it is a lending state? Well, we’re here to help you understand how to get the best payday loans. As well as how to make the most of it and how to protect yourself. A lot of people choose payday loans because it helps them get through rough patches in their financial life.
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 5 pm the next business day to do so. There aren’t maximum repayment terms with Colorado payday loans.
- Maximum loan amount: $500
- Minimum loan term: 6 months
- Cancel til 5 pm next business day
- No repay limit
Payday Loans Colorado
There are many negative things about payday loans but nonetheless, there are plenty of things that are possible too.
- The 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. When applying online for a payday loan, the money can be transferred the same day but the money can also be deposited the next day.
- Bad credit is ok. Even without a perfect credit history, you can be approved since what lenders are looking for is more than your credit history. They are more interested in you having the ability to repay because you have a job.
- Spend as you please. You can spend the money any way you please. We recommend that you use payday loans for necessities or emergencies before wants.
Bad Credit Payday Loans In Colorado
As previously mentioned, there is more to a loan approval than your credit score. In other words, although your credit score plays a part when it comes to deciding if you can afford a loan, it isn’t always the biggest factor. If the direct lender believes you can repay the loan comfortably, the chances of you getting one are likely.
New Colorado Payday Loan Laws
- Finance charges. The law governing Colorado payday loans does not permit charges that exceed 20% of $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.
Online Payday Loans Colorado
Finding the best-suited lender for you in Colorado can be difficult. It can be hard to tell which lenders are legitimate, safe direct lenders and which are loan sharks or fraudsters. Our online referral service can match you to a safe and secure lender in the area. Meaning that you are saving a lot of time and stress.
Instant Payday Loans Colorado
Here at LoanPigUSA, we don’t take time for granted! After you have submitted your form you will be contacted within minutes with a decision. If you have been approved by a lender, you could receive your loan on the same day.
How To Apply
You can either choose to apply through the internet or by 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 bank account