Payday Loans in Colorado
Do you live in Colorado and need a quick cash advance to cover monthly expenses or a critical purchase? If so, payday loans in Colorado can be a great way to get money quickly! These are short-term loans with high interest rates and maximum loan amounts up to $500. Moreover, you get access to several kinds of small loans – title loans, employment, and bad credit loans, to name a few.
AdvanceSOS is an online-based platform that helps customers get in touch with reliable and trustworthy lenders. By applying for payday loans in Colorado with us, you could have extra cash on hand by the end of the day. If you’d like to discover our process and terms, scroll down.
Advantages of Taking Out a Payday Loan in Colorado
Compared to other types of financial advances, payday loans online come with a handful of benefits. They’re incredibly convenient to take out, considering the entire application process can be done online. With several clicks on your laptop, the process is completed, and no additional effort is needed from your side.
Thanks to the speed at which they’re available, they can be a great solution for emergency expenses. You can use your cash advance for anything – medical expenses, car repair costs, essential purchases. Even if you feel like treating yourself to a shopping spree, that’s okay, too.
Moreover, you can choose a repayment term that best suits your current situation. Payday loans in Colorado are usually due within 180 days, a generous timespan for repayment. Additionally, the state of Colorado strictly regulates them and their extra fees. So, you can rest assured that you’re always in safe hands when using the services of licensed lenders, like the ones in our network.
Reasons to Get a Payday Loan in Colorado
Payday loans can be a quick and fitting solution if you need money immediately. By filling a short online application that takes a few minutes, you can easily get your hands on a loan of up to $500.
Advance payday loans are targeted toward everyone within a Colorado area code, including unemployed people or those with bad credit. They come with relatively short repayment terms, which can be a good thing in the long run. The majority of payday loans also don’t allow rollovers on the advance, making sure borrowers don’t get in over their heads.
What Will You Need?
The entire loan application can be done right through our website. Though the whole procedure is straightforward and quick, you still need to meet several requirements. Luckily, we listed all the details you need to provide us alongside all the conditions you must meet.
- A government-issued ID to prove you are of age and a resident of Colorado.
- Social Security Number.
- Proof of income (at least $1,000 a month).
- An active checking account in your name.
- Not to be bankrupt.
- Phone number and email address to be able to contact you.
How Much Can You Borrow?
The state of Colorado doesn’t specify a minimum amount limit for payday loans. The maximum payday loan amount is $500. Additionally, several factors influence the amount our loan lenders will approve for you to borrow. These factors tend to be your income stability, bank account standing, education, employment status, etc. Customers at AdvanceSOS typically settle for a loan from the list below.
- 100 dollar loan
- 200 dollar loan
- 300 dollar loan
- 500 dollar loan
When Will You Receive Your Funds?
Our lenders do everything in their power to process the instant cash deposit as soon as they approve your loan application. Once you’re approved for the loan, you need to choose the loan offer and e-sign the agreement. After the paperwork is completed, the transaction gets processed, and the quick cash should hit your bank account within hours. It’s important to remember that there are some exceptions to this rule. For instance, if you apply after our working hours or on a bank holiday, we’ll get back to you the next business day.
APR and Fee
Payday loans in Colorado have an annual percentage rate of 36%. This is a relatively low APR, considering other states often exceed 500%. Yet, the exact yearly percentage rate of your loan depends on several factors and can differ. It just can’t be higher as state regulations have capped it at 36%. These include the loan amount, the type of advance you’ve chosen, and the repayment terms. Similarly, all finance charges are limited to 36% of the loan amount. The state of Colorado doesn’t specify any other extra fees, like NSF costs.
Regulations Surrounding Payday Loans in Colorado
Payday loans in Colorado are entirely legal and come with strict requirements all parties must follow. Thanks to the regulations set in place, both the lender and the borrower are protected. For instance, the maximum amount of instant cash you can get is $500. Moreover, these small loans need to be repaid within six months. Since the state of Colorado doesn’t specify a maximum loan term, extensions are possible.
Additionally, there is no cooling-off period between cash advances. So, you’re free to apply for another loan as soon as you pay off your first one. Another essential fact to note is that consumers are limited to a single rollover per loan.
Amanda is a senior writer at AdvanceSOS. She has more than six years of journalism experience, mostly in the finance sector. She graduated with a Bachelor’s Degree from Drew University.