Colorado Payday Loans Online
Do you need to pay your bills right away, but payday is still weeks away? Having such problems will lead you to get loans, but traditional banking loans take days and even weeks to process. But now, you can apply for payday loans online that have a fast application process where you get the money in a day and use them immediately.
Are Payday Loans Allowed in Colorado?
Payday loans are allowed in Colorado. The state has a law that loans shouldn’t exceed $500 with a maximum interest annual percentage rate of 36%. They can be taken for a minimum period of 6 months or longer. However, there is a cooling-off period of 30 days between loans. And, when borrowers aren’t able to give payments on time, they’ll be charged with an NSF or non-sufficient fund fee up to $25.
Who Can Get A Payday Loan in Colorado?
If you want to get a payday loan in Colorado, you need to meet the following requirements:
- You must be a resident of Colorado. You need to present your contact address to verify this information.
- You need to be of legal age, 18 years old or older.
- You also need to have a stable source of income, a minimum of $800 per month.
- You must have an active checking or savings account that your lender can release and deposit the loan.
- You need to have a valid reason for your loan. Take note that Colorado payday loans’ purpose is to help those who have a job and are experiencing cash emergencies.
What If I Have a Bad Credit Score?
Bad credit scores don’t determine whether you’ll get a payday loan or not since lenders focus on your ability to pay back the debt using your source of income. A payday loan can also help you towards financial stability by assisting you in paying bills on time, and you’ll be back on track with your credit score too.
Here are the steps you can follow to apply for an online payday loan:
- Read the terms and conditions of the lending company, and if you’re comfortable with it, you can start your application process.
- Fill out the online request form. Make sure you provide all the necessary information to avoid delaying your application.
- Submit the request form together with other documents (proof of employment, savings or checking account information, etc.)
- Wait for the approval of your application.
- Confirm the approval of your application by placing your signature.
- Wait for the release of the money within the day and use them to pay up your dues.
What to Look For in a Reputable Online Payday Lender in Colorado?
If you’re having second thoughts with an online payday lender, you can check the following to know that they are credible and reliable:
- All the necessary information about the loan is posted – interest rates, return period, installation options, and additional fees.
- License to operate in the United States and each state.
Online payday lenders are your best option during emergencies. They offer fast cash loans that traditional banks can’t provide.