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Payday Loans Online in Colorado (CO)
Do you live in Colorado and need a quick cash advance to cover monthly expenses or a critical purchase? If so, same day payday loans in Colorado can be a great way to get money quickly! These are short-term loans with best 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.
What Are Payday Loans?
Payday loans are a form of short-term funding that makes it possible for you to get the cash you need ahead of your next paycheck. They are particularly great for those with poor credit ratings to get quick loans that would have been otherwise unavailable from a traditional bank or credit provider.
With payday loans, you apply for a loan by providing some basic details and documents. Once the lending company confirms that you earn enough to repay the loan, you are at least 18 years old, you live in the address you provided, and other basic details, the funds will be sent to your account. Lenders often require their customers to authorize them to withdraw the funds plus interest rate and any other fees on the specified day (usually when their next paycheck arrives in a couple of days or weeks.
How Do Payday Loans Work?
Colorado’s laws guiding payday loan terms are different from regulations in other states. For a Colorado payday loan, you do not have to pay off your cash advance with your next paycheck like in other states where the loan duration is usually between two to four weeks. Instead, the minimum loan term for cash advances is six months, and there’s no maximum loan duration.
Another factor that sets Colorado payday loans apart is the number of loans you can get. You can apply for multiple payday loans even before you repay the previous one. However, the total amount of loan you’re financing at any point in time must not exceed $500.
Given the higher loan duration of Colorado payday loans, the annual percentage rate (APR) that customers end up paying is usually less. Also, even though you get at least six months to repay the loan, you can actually pay it back sooner without attracting any additional fees or charges.
What Determines How Much Money You Can Borrow in Colorado?
Payday lending companies don’t consider your credit score before lending you money. Therefore, the loan amount you can get does not depend on your credit limit. The maximum amount of payday loans that you’re allowed to borrow by law in CO is $500. However, you may not always get this maximum loan amount.
The amount of money you will be approved for depends on:
- How much you earn
- Your payday loan credit history (whether or not you are currently financing another payday loan)
- The information you provide in your loan application
Where Can I Get a Payday Loan in Colorado?
You can find Colorado payday loans through AdvanceSOS. The online application process can be completed in a few minutes and you’ll get the funds you need before the end of the day. This is significantly faster compared to banks where you have to wait weeks for a loan decision and you might not even get it because of your credit score.
Note that AdvanceSOS is not a lending company. We connect customers in need of payday cash advances with a direct lender that will provide the service they need in CO. Our service is 100% free and reliable. We work only with reliable and licensed payday lenders.
How to Apply Online for a Payday Loan in Colorado With AdvanceSOS
AdvanceSOS can connect you with a direct lender that can lend you cash advance loans of up to $500 within a few hours. Once you fill out the online form on our website, the information you provide will be used to match you with a lending company.
After reviewing your details and documents, the lending company will get in touch with you and send you a loan offer. You can review this loan offer and confirm if the rate and other terms of the loan are suitable for you. Once you accept the offer and sign the loan agreement, the funds will be sent to your account within a few hours. Most loans are processed on the same day or within one business day.
Benefits of Applying for a Payday Loan in Colorado Through AdvanceSOS
AdvanceSOS connects customers with reliable direct lenders offering the best terms and flexible rates. Here are some of the benefits of applying for a loan through our platform:
Quick and Convenient Application Process
The online application process for cash advances through our platform is simple you just need to answer a few questions and upload some documents.
You don’t have to worry about your loan getting rejected due to a bad credit score. WIth AdvanceSOS, you can rest assured that you’ll get the fast cash loans online with a same-day deposit even when you apply with bad credit. Our loan offers are pre-approved. Once you get an offer, only you can decide if you don’t want the money.
Apply on the Go
Being able to apply online means you can access our platform at any time and from anywhere to connect with a payday lending company online.
FREE Loan Services
AdvanceSOS does not charge for the loan transaction. There are no hidden fees or extra charges to get started on your loan application. The loan providers on our network also offer the best rates possible. So, you are choosing the most affordable option when it comes to online loans.
What Are the Requirements for a Payday Loan in Colorado?
Although payday loans typically don’t have stringent conditions, there are still a few requirements you will need to fulfill to get this type of cash advance. Lending companies may ask for these before approving your cash advance application:
- You must be at least 18 years of age. Usually, you will be asked to submit your government-issued ID card to confirm your age and identity.
- To get a payday loan in Colorado, you must be a resident of the state. You may be asked to upload your utility bill, mortgage or tenancy agreement, or any other document that proves your legal address.
- You must show proof that you have a stable source of income, enough to repay the sum you applied for. Note that you don’t have to be employed to apply for a cash advance. All that’s required is proof of a source of income to show that you can make payments for the loan when due. This can be proceeds from a business, social security benefits, alimony or child support, and so on.
Updated: Sep 1, 2022
Does Colorado Allow Online Payday Loans?
Yes, online payday loans are allowed by law in Colorado, Louisiana, Indiana, and other states, and customers’ rights are protected by law. However, the requirements for cash advance here are different from many other states, especially in terms of how much you can borrow, the loan duration, and interest rates.
What Are the Rates and Terms for a Payday Loan in Colorado?
Lenders are not allowed to charge more than 36% as an annual percentage rate (APR) on any short-term loan. The origination fee to be paid is 20% on loans up to $300. For larger amounts ($301–$500), an additional 7.5% is charged on the excess with a $30 cap per month.
In addition, consumers have to pay a monthly maintenance fee for loans beyond one month. You will not be charged any penalty for repaying your loan earlier than the due date.
How Much Can You Borrow?
The cash advance laws in Colorado set the maximum amount an individual can borrow to $500. Note that this is the total of all loans a person can be given at any point in time. This means you can take as many payday loans in Colorado as you want from multiple sources but the total cannot exceed $500.
Can You Get an Installment Loan in Colorado?
Yes, you can get Colorado installment loans. This type of loan is a long-term financial solution structured to divide the total amount to be paid back over several weeks or months. Small installment loans can be repaid in a matter of weeks; however, larger sums may take several years to pay off.
How Many Payday Loans Can You Take at a Time in Colorado?
The cash advance regulations in Colorado permits customers to take on several payday loans at a time. In other words, there’s no limit to the number of loans a person can take. Nonetheless, there’s a cap on the total sum of all of these loans ($500) and a cooling-off period of 30 days between each loan.
What Is the Maximum Term for Payday Loans?
The payday loan laws in Colorado don’t stipulate the maximum repayment term for a payday loan. However, the minimum period given to a customer to repay the loan to the payday lender is six months.
This is longer than the maximum duration indicated by the law in most states. Customers may also choose to repay the loan earlier than the agreed date.
Do I Need a Good Credit Score To Get a Payday Loan in Colorado?
No, you don’t need to have a good credit score to get a payday loan in Colorado. In fact, people with poor credit history often find this loan better suited for them. Loan providers in the AdvanceSOS network don’t do hard checks on your credit score and will not turn down your loan request just because you have bad credit.
How Long Does It Take To Receive a Payday Loan in Colorado?
Filling out an application for a payday loan through AdvanceSOS only takes a few minutes. The entire application process can be completed within a few hours. Once approved, the money will be sent to your bank account that same day or within one business day.
Can I Be Charged to Court for Failing To Repay My Payday Loan in Colorado?
Lenders are not allowed to take legal action against borrowers who are unable to repay their loans. However, there are exceptions to this lending companies can only pursue criminal action when the borrower has closed their checking account before repaying the debt. This provides grounds for the lending company to sue the offender.
What Are the Alternatives to Payday Loans in Colorado?
If you’re unable to get a payday loan for any reason, there are alternatives. Two common options are installment loans and title loans. Installment loans are long-term loans repaid in small sums over a long period. Car title loans are secured loans that utilize your car’s title as collateral. You can also apply for personal loans.
Where Can We Help You Get a Payday Loan in Colorado?
AdvanceSOS offers quickly help you find the best payday loans offers in cities like Colorado Springs, Denver, Pueblo, Aurora, Lakewood, Grand Junction and Canon City.
Get a Payday Loan in Colorado!
Amanda is a senior financial copywriter at AdvanceSOS. Amanda has been writing about finance since 2015. She graduated with a Master’s in finance from the University of Oklahoma. As a result, she has a wealth of experience and knowledge to share with her readers.