Cash Advance and Payday Loans in Colorado Springs, CO

When faced with a financial emergency, borrowing a small loan from a traditional bank may be quite tricky. The struggle is even harder for people with a low credit score. To address the situation as quickly as possible, people often go for alternative financing options, such as cash advances or payday, title, and installment loans.

Advantages of Taking Out a Payday Loan in Colorado Springs

The most significant advantage of a cash advance or payday loan is that the lender may approve the loan faster than other money lending businesses. This allows borrowers to address their emergency.

Flexibility: Unlike most banks, alternative lenders may have more flexible requirements. Some lenders may consider income alongside credit score, sometimes offering financing opportunities to bad credit applicants.

Borrowers may apply for a cash advance from the comfort of their homes by filling out the application and submitting the required documents online.

Lastly, lenders may not require collateral or a guarantor from the borrower to supply the desired amount.

How to Get a Cash Advance and Payday Loan in Colorado Springs

Applying for a loan in Colorado Springs can be done online or by visiting a lender's store in person. After requesting a loan, the lender will let you know your results. If approved for a loan, you may receive the funds in as little as one business day.

Cash Advance and Payday Loan Requirements

To be eligible for a loan in Colorado Springs, borrowers must be Colorado residents of at least 18 years of age and present an ID and income proof. It's important to note that the requirements may vary from one lender to another. Lenders must provide the borrowers with a disclosure of all the terms, rates, and fees applicable in writing.

Costs and Regulations of Cash Advances and Payday Loans in Colorado Springs, CO

In Colorado Springs, payday loan terms vary from one week to 31 days. The maximum borrowed amount is $500, and the annual interest rate is limited to 45%. Based on state law, lenders providing cash advances or payday loans can charge a 20% acquisition or origination fee. Lenders may also charge a monthly maintenance fee of up to $7.5 for every $100 loaned.

Colorado Springs’ laws prohibit its residents from taking several loans of this nature simultaneously. However, certain exceptions may be made for individuals who display proof that they have the means to pay back the debt on time.

Installment Loans in Colorado Springs

In Colorado Springs, installment loans range from $500 to as much as $5,000. As with cash advance and payday loans, repayment terms must be well-defined and understood by the person receiving the loan.

In most cases, these loans are paid back over a minimum of 90 days and a maximum of 30 months. Some lenders may allow extending the repayment term over 36 months. Additional finance charges cannot exceed 12% of the loan's unpaid balance. In some cases, borrowers may be asked to provide collateral in order to secure the loan. Colorado law doesn't allow real estate to be used as collateral if the installment loan's amount is less than $3,000.

Requesting Title Loans in Colorado Springs

Like cash advance and payday loans, car title loans offer borrowers a quick and easy way to get the money needed for a short-term financial situation. Borrowers use their vehicle as collateral. The car being offered as collateral must be either completely paid off or almost paid off.

If the borrower fails to pay back the loan, the lender can take possession of the car. Colorado law allows lenders to advance up to 85% of the value of the vehicle. Borrowers can repay the borrowed amount in 36 months. The annual percentage rate is over 100%.

Favorite Colorado Springs, CO, Cash Advance and Payday Loan Companies

When seeking a cash advance or payday loan in Colorado Springs, three popular companies are Allied Cash Advance, First American Cash Advance, and Mister Money. They are known for their quick service and easy application process.

Customers wishing to apply for a cash advance or payday loan online can visit Allied Cash Advance's website. Those who prefer to apply for a loan in person can visit First American Cash Advance and Mister Money's stores.