Colorado Payday Loans
Ever wondered if you are able to get Colorado payday loans? 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 5pm 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 5pm next business day
- No repay limit
Things that make a payday loan a good idea
There are many negative things about 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. 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. In fact, 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 prior to wants.
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
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