Get Online Payday Loans in Colorado
Colorado residents who are facing unexpected financial situations or who need help making ends meet between paychecks can consider opting for a payday loan. Payday loans are short-term cash advances taken out against a borrower’s next paycheck These loans are typically taken out for an average of two weeks, and loan amounts can vary by state and lender.
Payday loan requirements and restrictions are outlined by each state. Short-term loan regulations are often in place to prevent long term debt.
Payday Loan Laws in Colorado
What are the main rules and regulations for online payday loans in Colorado? The following laws are made by the state for lenders to abide by:
- The maximum loan amount is $500.
- The minimum loan term is 6 months, which lies on the higher end. For instance, online payday loans in Indiana must be repaid in 14 days.
- There is no maximum loan term specified.
- The APR for the loan is set at 214%.
- Finance charges are inevitable: this is $20 for loans up to $300. For loans greater than this, there is an extra 7.5% added.
What Are Payday Loans For?
Some of the unexpected expenses short-term loans can help with include:
- Car related expenses such as repairs or breakdown expenses
- Unexpected bills
- A long wait between paydays
- Consolidating existing debts
Borrowers should note that payday loans are best optimized for short-term financing necessities, in order to avoid being trapped in cycles of debt.
How do Payday Loans Work in Colorado
Residents 18 years of age or older can apply for a payday loan in Colorado, at a storefront lender or online. The application process can take as little as 15 minutes. The following information may be required to apply for a loan:
- Proof that the applicant is 18 or older
- Federal or state-issued ID card to prove identity and current address
- Banking information
- Loadable debit card if the applicant does not have a bank account
- Employer information and net pay estimate
- Information about alternative sources of income if relevant to the applicant
- Social security number
Similar to traditional loans, approval prospects for cash advances in Colorado, are based on an applicant’s job, income and total indebtedness, and credit rating. Payday lenders will usually run credit checks to determine if an applicant can afford to repay a loan. However, residents with poor debt histories and poor credit reports are still eligible to apply.
In a like manner, residents who do not have conventional jobs but receive money from government entitlements and other sources are still eligible to apply for a payday loan. Alternative sources of income may include:
- Government benefits, such as VA benefits, Social Security, disability compensation, welfare, and other entitlements
- Royalties for intellectual property, such as patents, copyrights of media materials and trademarks
- Child support and/or alimony payments
- Self-employment income
- Investment income
- Structured payments from trust funds
When applying for a loan, applicants may need to provide information and documentation about alternative income sources, including the date that funds are received and the amounts collected.
Repaying Payday Loans
Options for the online payday loans colorado include:
- Postdating a check when applying.
- Check on payday.
- Online payments made via the lender’s website.
- Oher credit forms such as a credit card.
Short-term loans often carry high APRs and steep rollover fees that make it difficult for borrowers to meet loan terms and conditions. Borrowers should only opt for payday loans if they are able to afford them.
The Colorado Economy
Colorado’s economy is varied, with the scientific research and technology sectors most largely influencing the state’s GDP.
The unemployment rate in Colorado is 3%, compared to the country’s average of 3.6%. Further, the average GDP per capita for a Colorado resident is almost $50,000.
Why choose Openloansdirect.com to find the best payday loans in Colorado?
OpenLoansDirect can connect individuals and lenders who have the license to operate in Colorado. U.S. citizens who are over 18, with a bank account in good standing, are allowed to apply for online payday loans in Colorado.
OpenLoansDirect is a free platform that can give individuals access to a large network of reputable providers and lenders that are most appropriate for them.