Payday Loans in Colorado (CO)
Payday loans are like an angel meant to guide you through the darkness. The money you borrow is going to support you when you have struggles and the payday seems to be too far away. The cash you borrow has to be repaid by the next paycheck, but your problems will also be gone until then.
Emergency situations can occur at any time, so you can’t always have money saved. This is exactly why cash advance exist.
In Colorado, payday loans have their own set of rules that you need to know before applying. So, below is some information about payday loans in Colorado.
How does a payday loan work?
Well, imagine this: in the worst-case scenario, your spouse dies, and you’re left with all their debts. The debts have to be paid, and, of course, being the spouse, this responsibility is going to fall on your shoulders. You can’t simply run away and hide from this situation, so you need to pay as soon as possible. Therefore, if you don’t have the funds necessary, you can apply for a payday loan.
Basically, a payday loan is a sum of money you borrow to solve any personal problems during a financial struggle. It’s offered by a lender who has a certain set of rules for the amount borrowed. Depending on your area, there are some rules you need to follow.
Payday loans (cash advance) in Colorado and their legality
Yes, payday loans are legal in this state and governed by the Deferred Deposit Loan Act under the Colorado Revised Statutes 5-3.1-101 et seq.
In Colorado, the cash you borrow as a payday loan cannot be higher than $500. The laws don’t specify a maximum term, but the minimum one is six months. The loan can be canceled the next day after the loan transaction, before 5 PM. The maximum APR is 45%, and you are allowed one rollover only.
You can get as many payday loans as you want as long as they don’t exceed $500 combined. A lender must refund a pro-rated amount of interest in case you pay off the loan early. This refund is based on the remaining term of your loan.
Also, keep in mind that there are some fees you have to pay when you borrow. The finance charges are of 20% for the first $300 borrowed. For any amount over $300, an additional 7.5% per $100 may be charged. Lenders can charge $25 as an NSF. If you don’t repay your loan, the default might be brought to court and the lender can charge the full amount of the loan plus attorney fees. Also, maintenance fees can’t be higher than $7.50 per $100.
How can you apply for payday loans in Colorado?
To be suitable for a payday loan in this state, you must:
- Be an American citizen or permanent resident
- Be at least 18 years old
- Have a steady source of income
You also need to provide information like:
- Your name, address date of birth and Social Security Number
- A valid form of ID
- Phone number or email
- Information about your job
Bad credit installment loans in Colorado
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As you can see, it’s not hard to obtain Colorado payday loans. You just have to meet the requirements and know the laws, and then you can enjoy their benefits.