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Colorado Payday Loans up to $1K
We share the values of Colorado state such as service, integrity, teamwork and respect. Be sure to get the same from the direct lenders of "Nothing without God" state after filling out this free application form.
Maybe you are short on money, and are looking for a quick short-term loan? In Colorado, it’s legal and one can take up to a $500 Payday Loan for a maximum of up to 6 months. That might sound perfect in your situation. If that is, then we offer you to fill out a free Compacom form and get matched with a lender to receive the money you need. Compare the best deals lenders offer here online, or find a loan store location near you. We won’t leave you unsatisfied!
Apply for Payday Loans in Colorado from the Best Direct Lenders Online or find a Loan Store near your location.
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Cash Advance and other Money Offers in Colorado:
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It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents monthly cost of your loan. The MPR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.
The percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
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Are Payday Loans Legal in Colorado?
Loan Rates and Fees, Laws and Regulations in Colorado.
In Colorado one can take up to $500 Payday Loans for maximum 6 months. $1000 - $5000 Installment loans and $5000 - $15000 Personal loans are given for up to 60 months’ time. It’s absolutely legally. The law and regulations are stated by Article 3.1(Deferred Deposit Loan Act) of Title 5 (Consumer Credit Code) in the Colorado Revised Statutes (Colo. Rev. Stat. 5-3.1-101 et seq.)1Maximum 20% can be charged of a $300 loan. The interest rate for loan renewals is 45%.
| Law status | legal |
| MIN Loan Amount | None |
| MAX Loan Amount | $500 |
| MIN. Loan Term | 6 months |
| MAX. Loan Term | Not set |
| MAX APR | 20% |
| Additional fees | APR 20% for $0-$300 plus 7.5% for $301-$500 plus 45% for each year, plus monthly fee of $7.50 per $100 up to $30, after first month. |
| NSF fee | $25 |
| Collateral or guarantor | None, unsecured |
| Number of simultaneous loans | One |
| Cooling off period | None |
| Rollover | One rollover |
| Extension, repayment plan | Not set |
| Default penalties | Amount of a loan, plus attorney fee in case of a court |
| Credit score requirements | Available for Bad Credit |
Looking for a Quick Loan with NO collateral or guarantor?
Quick and Easy Payday Loans Online
Compare top online companies offering fast cash advance with no faxing, no paperwork, possibly no hard credit check and no teletrack. Filling out a free application form guarantees you instant decision and high approval chances even if you have a bad credit score.
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It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents the cost of your loan borrowed for a month. It's more significant criterion than APR as mostly Payday loans are borrowed for 14-30 days until the next paycheck.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $35,000 for Personal loans. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
PayDay Loan Calculator
Before you apply for a short-term cash advance consider other Payday Loan Alternatives
A warning about short-term payday loans
Applying for a short-term Payday Loan you should be very careful and responsible. Plan your budget carefully not to default the loan. Though an overpay may be only $1 a day for 100 dollar cash advance you must remember that not paying off the money on time may lead to additional penalty or NSF fees and high total cost.
So, before you make a final decision to apply for a Payday Loan consider other alternatives that may be helpful when you need urgent funds:
- Think of other more affordable types of loans with lower rates and fees and longer repayment terms such as Installment Loans and Personal Loans,;
- Consider Debt Consolidation Loans, Credit Builder Loans, Credit Cards;
- Try social services and local assistance programs;
- Look for additional part-time jobs or some side gigs and freelance opportunities;
- Start recycling for money;
- Address a person able to help you – employer, creditors, family and friends;
- Use traditional banks or credit unions to get cash.
And keep in mind that the most important thing about any loan, especially Payday Loan is to pay it off on time. It helps you avoid rollovers, renewals or extensions and increases your chances to get out of debt fats and easy.
Colorado Payday Loans and Cash Advance Laws, Rates and Terms
Table of Contents:
Top Lending Companies in Colorado
Are short-term Loans Legal in Colorado?
Payday Loan Interest Rates in Colorado
Online Payday Loans in Colorado
Payday Loan Calculator in Colorado
Online Payday Loans in Colorado
Bad credit Payday Loans in Colorado
Quick Unsecured Payday Loans in Colorado
Payday loans calculator: rates and fees in Colorado
Payday Loan Direct Lenders in Colorado
No credit check Payday Loans in Colorado
Payday Loans near me in Colorado
Payday Loans Same Day in Colorado
Colorado Payday Loans laws
First of all, short-term Loans are legal in Colorado according to the Colorado Revised Statutes (Colo. Rev. Stat. 5-3.1-101 et seq.). Though there are certain rules which state:
- The maximum amount of $500 at a time.
- Only one payday loan can be taken at a time.
- The minimum repayment period is 6 months.
- The maximum fee is not more than 20% for a loan of over $300.
- 45% interest rate for renewals
- NSF fee shouldn't exceed $25.
- No splitting of the loan into parts is allowed.
- Criminal charges are prohibited.
“APRs of 200% are gone. Huge win for Colorado consumers!” tweeted Danny Katz, the director of the Colorado Public Interest Research Group.
If you want to file a report or complaint on Payday lenders in Colorado, address https://coag.gov/ .
Apply for up to $500 loan Online in Colorado
Any resident of Colorado can apply for cash advance both online and in-store. But, of course, online lending is becoming more and more popular as it has plenty of advantages:
- it gives you a chance to compare a lot of different offers at once,
- you can avoid driving, doing paperwork and waiting in lines,
- applying is free and simple,
- you have very high chances of approval even with a bad credit score,
- you can find some lenders ready to give you the loan with no credit check,
- it's available 24 / 7.
The process of applying online is quick and simple:
you compare the lenders and choose the one with the best rates and fees;
you fill out the necessary information in the application form
you get the money deposited into your account within 1 business day
y
ou pay off the loan with your next paycheck
Start with comparing the companies online.
Can you get approved with a bad credit score?
Bad credit loan is the type of credit given to borrowers with a FICO score below 640. You usually need at least 600 to qualify. To get the money you may turn to credit unions, family, friends, peer-to-peer lending platforms or use online lending service. When choosing an online lender for a bad credit loan, there are important features to take into account. You can find all these important criteria on COMPACOM.com website, which gives you a unique opportunity to compare companies. Pay attention to:
- Type of lending company
- Credit history and general qualifications
- Co-signer option
- Additional eligibility qualifications
- Employment requirements
- Interest rates and types
- Loan terms
- Fees and penalties
- Repayment options
The types of loans available for bad credit applicants are Payday Loans, Personal Loans and Installment Loans. They typically have higher interest rates and shorter terms than loans offered to people with good credit. You are most likely to get $100 - $1000 at the APR of 400%. This fact shouldn’t frighten you as due to short (14 - 30 days) term the overpay could be only $1 a day.
How to get Instant cash advance in Colorado?
Applying for a Payday Loan is quick as:
- it takes only some minutes to apply
- you get an instant decision
- the money is deposited into your bank account within a day, or sometimes - an hour.
In a store, you may receive the money even faster - same day. Other benefits are:
- Direct lenders usually guarantee instant decision.
- You can spend the money on any personal needs you have.
- It's possible to find a lender ready to approve you with no hard inquiry.
- If you have bad credit score and can't get a loan from banks, you can always get it online.
- The requirements for approval are very simple.
Calculate the cost of your loan online
The total cost of any loan consists of the principal, interest and additional fees. A lender may only charge 20% in terms of financing fees for the first $300, with an additional $7.50 charge for each additional $100 loaned.
According to the Attorney General's Office's annual report on Payday lending in 2016, there were 414,284 payday loans made during that year for a total of more than $165 million. That's an average of about $400 per loan.
To pay loans of that amount off, borrowers had to pay 45 percent in interest, or about $32.
Additionally, they are charged origination fees of nearly $38 and monthly maintenance fees of $49.
Altogether that averages to an annual percentage rate of 129 percent, according to Coffman's office.
To find out how much the necessary amount Payday Loan will cost you may use our calculator.
What are Payday Loans from Colorado Direct Lenders?
Both online and in-store direct lenders operating legally and following the state's regulations must:
- be licensed and follow the rules set by the Payday Loans Act, 2008;
- include the most relevant information on the first page of your contract: the amount of the loan, the terms of the loan, the cost of the loan;
- never ask for or accept payment by automatic deduction from your paycheck (assignment of wages)
- explain the cost of a payday loan and its possible consequences.
First of all, before choosing a lender do some research, don't apply with the first company you see, be responsible as it can influence your future financial wellness.
- Surf the Internet;
- Use some comparing services such as compacom.com;
- Read the customers' reviews, etc.
Before signing an agreement with a lender find out:
- if the company is licensed;
- if they follow all the state's rules and regulations;
- if their promises and guarantees seem too good - keep in mind that several loans at a time, no credit check loans, garanteed approval are more likely to be a myth;
- if the website is safe and your personal information is protected.
When you do sign an agreement with the lender you've chosen don't forget what the state's law says about it:
- the agreement must contain the name and address of the lender and his office, the name of the lender's representative who signed the agreement, a clear description of the agreement including the date of the loan, the amount, the loan term, and the transaction number.
- there mustn't be any prepayment fees,
- no additional guarantor can be required,
- the money should be provided in the form of cash, other forms are allowed only with the borrower's agreement,
- a borrower should get the copy of this agreement
Can I apply for a Payday Loan with no credit check in Colorado?
You can, but it's more likely to be a lender providing loans with a soft inquiry rather than with no credit check at all. You must understand that the fees for such cash advance may be higher than usual as it's riskier for the lender. So a loan with at least a soft credit check can turn out safer for both you and the lending company and the loan will be cheaper. Still, it won't damage your credit history.
Payday Loans near me in Colorado
If you are searching for finances near your location in Colorado, you're likely to need stores with addresses and so on. It may be a good idea if you borrow money for the first time and require a personal assistant's help or if you want to get the cash advance as fast as possible, same day. But in other cases, there's nothing more convenient than applying online. Thus you get an opportunity to compare various lenders, choose the most suitable offers with the lowest rates, and save time and energy. Besides, online cash advances are highly available even for bad credit borrowers. Some direct lenders offer No hard credit check loans, and practically no one requires collateral.
If you're still looking for locations in Colorado to get the necessary funds, use our Payday Loan store locator. Find the addresses, directions, phone numbers, and other relevant information which will help you find the cash advance faster and easier.
FAQ
Requirements to qualify for a Payday Loan in Colorado:
What do I need to qualify for a short-term cash advance?
Independent lenders have their own individual requirements that must be met, but typical minimum requirements include, but may not be limited to:
- Colorado (US) residence
- Minimum regular income of $1,000 per month
- Valid checking or savings account with direct deposit
- Phone number and e-mail address (if applying online, you must be able to be contacted via phone if verification of application information is necessary)
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- If applying Online, you must provide a valid Social Security Number
- If applying at Loan Store, you must bring a valid government issued photo ID. A Social Security Number might not be required
- If applying in-store, you must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details. Acceptable documents may vary by state.
References
1. http://www.ustatesloans.org/state-co.html
2. http://www.governing.com/topics/finance/gov-payday-loans-colorado-ballot-cfpb.html
4. https://www.pewtrusts.org/~/media/assets/2014/12/pew_co_payday_law_comparison_dec2014.pdf
5. https://www.consumerfinancemonitor.com/2018/11/08/colorado-passes-36-payday-loan-rate-cap/
6. http://www.bellpolicy.org/2018/01/25/predatory-payday-lending-in-colorado/
What are Payday Loans in Colorado?
All you need to know about Payday Loans.
Payday loans, or as they are also called “small dollar”, “bad credit”, “same day”, “short term”, “cash advance” are a kind of easy quick unsecured $100 - $1000 cash advance paid off with your next paycheck in 14 – 30 days. As soon as you are approved you are likely to get the money in your account in 24 hours or even the same day. Bad credit is not a problem to receive the necessary funds. Most direct lender Payday Loans are granted to any borrower with a steady income.
So, the main characteristics of Payday Loans are:
- $100 - $1000 average loan amount;
- 14-30 days repayment term;
- money in your account in 24 hours or even the same day;
- available even for bad credit;
More than 12 mln Americans use cash advance every year.
It’s legal in 36 states (with some restrictions in 9 of them) and prohibited in the other 14 and the District of Columbia.
You can take a Payday loan in storefronts, online and even in a few banks in Colorado. It’s very simple to apply for it:
- just fill out a form with the state and e-mail address,
- if you are over 18, have a permanent job, income and a valid bank account, you have 98% chance to get instant approval from a direct lender;
- receive the money in your bank account less than 24 hours.
Payday loans are very attractive for the majority of borrowers because you don’t need any guarantor or collateral, and you can get it even with a bad or poor FICO score.
On the other hand, they are notorious for charging too high APR and leading to a continuous debt trap, but it’s a common myth. To debunk it we provide you with the cost of $100 Payday Loan at 400% APR for 14 days which is only $1 a day. You can calculate the cost of your loan free using our Payday Loan Calculator. Try Payday cash advance and make sure that it’s really as easy as ABC: Affordable, Beneficial, Convenient!
Same Day Payday Loans in Colorado
Payday loans are known to be a short-term small-dollar cash advance, starting a minimum with $100 and up to $1,000. Applying is easy and quick especially if you apply for a Payday Loan Online. The funds can be deposited into your bank account the next business day if you borrow from online direct lenders. If you drive to a store near you in it’s possible to get a Payday Loan with the same day deposit.
Guaranteed Payday Loans from direct lenders in Colorado
Many Colorado lenders promise you a guaranteed instant approval for a Payday Loan. But be careful, take into account all the risks concerning short-term cash advance. You should understand that not all the borrowers can be approved. Though Colorado Payday Loans are really highly available, even for bad credit and with NO credit check sometimes, lenders can’t guarantee 100% approval. If you have no job, very low income, or many debts in the past, your chances to get the money are very low.
The truth is you do get an instant decision from a lender. Especially if you fill out our online application form you save plenty of time and energy and make lending procedure much faster and easier. It takes only several minutes to match you with the necessary lender and get his reply. That’s why Payday Loans are rightly considered the fastest and the easiest.
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Any comments or reviews made on this website are only individual opinions of the readers and followers of the website. The website and its authors team are not responsible, nor will be held liable, for anything anyone says or writes in the comments. Further, the author is not liable for its’ readers’ statements nor the laws which they may break in the USA or their state through their comments’ content, implication, and intent.
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State Regulator
If you have any questions, problems or complaints, about Payday Loans in Colorado, go to their website https://coag.gov/
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Any comments or reviews made on this website are only individual opinions of the readers and followers of the website. The website and its authors team are not responsible, nor will be held liable, for anything anyone says or writes in the comments. Further, the author is not liable for its’ readers’ statements nor the laws which they may break in the USA or their state through their comments’ content, implication, and intent.