Cash Advance and Payday Loans in Colorado
There is no other state with cash advance laws nearly as complicated as Colorado's. Colorado takes the cake for the hardest to follow cash advance regulations. Don't fret–we'll do our best to steer you through the specifics and simplify them as much as possible. To get started with your loan request today, please fill out our secure loan request form.
Colorado Cash Advance and Payday Loan Rules and Regulations
State legislation for short-term funding that relates to cash advance loans also applies to payday loans.
How Payday Loans Work – Short-term funding can allow for borrowers with less-than-stellar credit to access quick cash when it's an emergency. The lender advances the funds to your account and requires repayment of the loan plus fees on a specified date.
Maximum Amount – The loan amount cannot exceed $500.
Repayment Extensions – You're allowed a single rollover at the lender's discretion.
Colorado Cash Advance Lenders by City
If you're looking for a local lender, there may be a provider willing to work with you. Here are some brick-and-mortar locations by city in Colorado:
Aurora – Checkmate, Advance America
Colorado Springs – Money Tree, Checkmate, Check Into Cash, Advance America
Denver – Check Into Cash
Lakewood – Check City, Money Tree, Advance America
How to Get a Payday Loan in Colorado
When you take out a cash advance in Colorado, you are signing a long-term agreement. In Colorado, the minimum loan term is six months. There is no set limit on the number of loans a borrower can obtain; however, the total outstanding loan amount cannot exceed $500. Colorado requires a 30-day cooling-off period between loans. The finance charge and APR in Colorado are capped at 36%. There is a maintenance fee of up to $30 per month. Additionally, an origination fee of up to 20% is added to the first $300 of the loan, and 7.5% is added on any amount above $300. Lenders can also charge one NSF fee of up to $25. If a loan is not repaid, the lender can recover the loan amount plus attorney fees from the borrower.
Installment Loans in Colorado
Colorado residents who are 18 years or older might be able to request an installment loan online. Lenders may require the following information from applicants:
Proof of identity and address
Recent pay stubs and proof of employment
Social security number
The application process varies from lender to lender but can take between 15 to 60 minutes. Lenders may consider applicants' credit score, credit history, and debt-to-income ratio to determine their eligibility.
Applicants who have alternative forms of income, including but not limited to government benefits, alimony, child support, royalties, trust fund payments, or investments, may also be eligible.
Installment Loan Regulations for Colorado
Each state has its own rules and regulations regarding installment loans. Therefore, it is important to research and understand the regulations before requesting a loan.
Requesting Title Loans in Colorado
If you cannot obtain a payday loan and need money immediately, a title loan is another alternative to consider. Title loans require an asset to be used as collateral. Colorado's title loans can be offered for as low as $1,000, even with a lower credit score. Some lenders may offer car title loans if the borrower has equity in the vehicle. These types of loans last between 15 to 30 days and have an annual percentage rate (APR) over 100%, which is higher than most forms of credit.
Car Title Loan Laws in Colorado
Depending on which state you reside in, the laws regarding title loans may differ. Car title loans are not legal in Colorado. This may be due to the expenses and high APR often attributed to car title loans. Therefore, it is essential to thoroughly look over the loan documents and final contracts before agreeing to take out a title loan in Colorado. If you are having trouble repaying your title loan, it is best to speak with your lender and discuss extending the due date to avoid repossession of your car. Lenders may sell your vehicle to cover the cost of the loan if you cannot repay them.
Title Loan Requirements
Consumers can request a title loan at a storefront lender or online. While the information needed may differ by lender, typical title loan requirements include:
A state-issued ID or driver's license
Title of the vehicle to be borrowed against
Proof of income or bank statements
Proof of residence
Applicants should note that, in some cases, lenders might also require a car inspection and proof of car insurance. Additionally, borrowers should possess complete ownership of the vehicle in question. In some cases, partial ownership or equity is permitted.
While title loans can provide relief for consumers with urgent cash needs, there are no car title loans for bad credit or "no credit check" options. Like traditional loans, lenders may consider an applicant's credit score and history in determining their eligibility.
Consumers with poor credit scores or histories can still request a title loan to see if they are approved.
Despite living in the Rocky Mountain state, finding quick financing doesn't have to be troublesome. We can help you easily request up to $500. Although we're not a lender, we have been helping individuals connect with financers since 2015. You can join the million borrowers who have trusted us to start their requests.
*opencashadvance.com strives to present accurate information on each state's regulations; however, we do not guarantee the accuracy of data as presented. Please contact your state's department of finance or visit your state's official website for the most accurate information and inquiries. You can find your state's site here: coag.gov
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