Cash Advance and Payday Loans in Aurora, CO
People often need financial assistance to address small emergencies. Getting a small loan from a bank may be difficult, especially for customers with a low credit score. Many opt for short-term borrowing options such as cash advance loans, payday loans, installment loans, or title loans.
Advantages of Taking Out Payday Loans in Aurora, CO
Time is the most significant advantage when using cash advance or payday loan. The lender approves these loans rather quickly, which helps the borrower to address the emergency as soon as possible. Usually, after filling out a little paperwork, granting the loan is decided on the spot.
The second most significant advantage is that the borrower's credit score may not matter. Short-term lending is meant to be paid back in full in a short period. As long as the borrower makes enough money to pay off the loan, the lender may overlook a bad credit score.
Lastly, another advantage when applying for a cash advance and payday loans is not needing collateral or a guarantor.
How to Get a Cash Advance and Payday Loan in Aurora, CO
Borrowers can apply for payday loans online by filling out a short application. They can also visit the lender's store without an appointment. If approved, the lender will transfer the agreed-upon amount to the client's bank account.
Cash Advance and Payday Loan Requirements
To be eligible for a loan in Aurora, borrowers must be Colorado residents of at least 18 years of age, present an ID, proof of income with a monthly net salary of no less than $500, and an active bank statement. It is important to note that the law prohibits taking two loans at the same time. Customers should wait until they have repaid their current loan to apply for another one. Also, lenders are not allowed to give high-interest payday loans to military members because U.S laws prevent giving loans that exceed a 36% annual percentage rate (APR) to them.
Costs and Regulations of Cash Advances and Payday Loans in Aurora, CO
Aurora advances range anywhere from $50 to $1,000. Borrowers can repay the loan in a minimum of 14 days, and in some cases, in a maximum of 120 days.
Lenders may charge around $15 in interest per $100 in Aurora, leading to an APR rate of around 400% (though rates may vary).
Lenders may charge borrowers upfront fees and further penalties if they don't pay the amount by the deadline.
Installment Loans in Aurora, CO
People often seek installment loans to acquire a larger amount of money. However, the maximum loan amount nor the loan term is specified in Aurora. Therefore, each lender sets those numbers individually and offers its own term. Lenders may provide a maximum amount of $2,500 to $3,000, and the maximum loan term may be extended to up to 180 days or longer.
Before lenders agree to loan borrowers any money, the lender must provide disclosure in writing of all of the rates and fees they are charging.
In some cases, the borrower must present collateral and other documents to the lender for security.
Requesting Title Loans in Aurora, CO
To be eligible for a title loan, borrowers must be Colorado residents at least 18 years of age and provide the original car title, car insurance, and personal references. In some cases, lenders may request a proof of income of at least $800 per month.
Interest rates for title loans can approach 175% or higher. Nevertheless, the interest rate is sometimes reduced with each on-time payment, leading to a drop as low as 32% near the loan's end in some cases. Many title loan companies in Aurora may allow customers to cover their loans in up to 36 months.
Lenders may also charge a lien fee, document fees, origination fees, processing fees, keys fees, among others.
Some companies may or may not request to inspect the vehicle in person.
Best Aurora, CO, Cash Advance, and Payday Loan Companies
When seeking cash advance and payday loans in Aurora, CO, clients have many options. Two popular companies are Moneytree Inc. and Advance America. Both companies have been operating in Aurora for more than 20 years and are known for their quick service and easy application process.