Colorado Payday Loan

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Online Payday Loans in Colorado

Colorado Springs Payday Loans

When faced with a financial emergency, obtaining a small loan from a traditional bank can be difficult. The struggle is even harder for people with poor credit scores. To address the situation as quickly as possible, people often go for alternative financing options such as a cash advance, payday loan, an installment loan.

Colorado Payday Loan Laws

  • Legal Status: Legal
  • Interest Rate (APR): 36% maximum (same as for most credit cards)
  • Minimum Loan Amount: Not specified
  • Minimum Loan Amount: $500
  • Maximum Loan Term: 6 months (180 days)
  • Maximum Loan Term: Not specified
  • Number of Rollovers Allowed: 1
  • Finance Charges: No more than 36% of the loan

Advantages of Getting an Online Loan in Colorado Springs

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

The borrower's credit score is not a significant factor in the loan decision. The lender may overlook a bad credit score as long as the borrower earns enough money to pay it back on time. Usually, granting the loan is decided in seconds.

Borrowers may apply for a cash advance from anywhere on their smartphones by filling out a short, secure loan request form and submitting it online. It usually only takes a few minutes.

How to Get a Cash Advance or Online Loan in Colorado Springs

Requesting a loan in Colorado Springs can be done online by filling out the form on FaaastCash. After requesting a loan, the lender will let you know your result. If you are approved for a loan, you may receive your funds within one business day.

Payday Loan Requirements in Colorado Springs

You must:

  • Be 18 years of age or older
  • Provide a valid name, email, phone number (cell will work), and ID
  • Have a steady income from a job or other sources (pension/social security)
  • Be a legal resident of the U.S.
  • Other requirements may apply depending on your individual situation.

It is important to note that the requirements may vary from one lender to another but within the state laws. Lenders must provide the borrowers with a disclosure of all the terms, rates, and fees in writing.

Costs and Regulations of Payday Loans in Colorado Springs, CO

In Colorado Springs, payday loan terms vary from 6 months or longer. The maximum loan amount is $500, and the annual interest rate is limited to 36%. Based on state law, lenders providing cash advance or payday loans can charge up to 20% of the first $300 of the loan, plus 7.5% of any amount above $300 of the loan for an origination fee. Lenders may also charge a monthly maintenance fee of up to $7.50 for every $100 loaned up to a maximum of $30 per month.

There is no limit on the number of loans a person can take, but it is highly recommended to only have one payday type loan at any time.

Payday Lending Is Legal in Colorado

Colorado imposes a $500 amount limit on payday loans offered in the state. The amount of all outstanding loans of a borrower cannot exceed $500 at one time. Payday loans can be taken for a period of 180 days or longer. The finance charge must not exceed an annual percentage rate of 36%. Criminal actions in all cases are prohibited.

Loan Amount in Colorado

In the state of Colorado, a consumer is allowed to take more than one loan (there is no set limit), but the outstanding loan amount cannot exceed $500.

The maximum amount of $500 (total) can be given for no less than 6 months.

Rates, Fees and Other charges in Colorado

  • No more than 36% can be charged for any short loan
  • Origination fee – up to 20% of the first $300 loan, plus 7.5% of any amount above $300
  • Maintenance fee of up to $30 per month
  • No penalty for early repayment

Why Should You Get a Payday Loan Online in Colorado Springs?

Simple, why go anywhere else? In fact, why go anywhere when you can request your loan from your home or apartment with your smartphone? There is no faster, more secure way to get an online loan in Colorado Springs than with a payday loan.

Top Reasons to Get a Payday Loan in Colorado Springs

There are many reasons to get an online payday loan in Colorado, too many to list. However, here are a few common reasons:

  • Banks and credit card companies take a long time to consider your request
  • It can be embarrassing to ask for money from friends or relatives and be very awkward or embarrassing if you delay repaying them
  • You only get what you need; many lenders stick you with larger loans that trap you in a cycle of debt
  • Online payday loans are fee-based, so you know exactly what you will be paying
  • Most people who need cash fast have no other options but to get a payday loan for a quick, simple solution for a short-term cash shortage problem.

Benefits of Payday Loans in Colorado at Faaastcash.com

FaaastCash is a proven, long-term company in the industry. With over 100 licensed direct lenders to refer you to, your odds of approval are higher when you work with us. Individual storefronts have limited assets and approve far fewer loan requests. We have served tens of thousands of people, and all of your information is kept secure using the latest encryption technology.

Online Payday Loans Colorado Springs

If you are looking for an online payday loan in Colorado Springs, FaaastCash can help you get an immediate cash advance easily and quickly. We are a payday loan referral service and connect you with our large network of 100 payday loan providers. We aim to provide safe and convenient payday loan options to the residents of Colorado.

Colorado Payday Loan FAQs

Why select us for Online Payday Loans in Colorado Springs?

FaaastCash is an online payday loan referral service in Colorado Springs. With almost 10 years of experience, we are committed to helping the people of Colorado Springs to solve their emergency cash situations quickly by providing online payday loans.

Do payday loans call your employer?

Lenders typically verify employment status or verify income by asking you to provide a recent pay stub, bank statement, SSI payment letter, or other document verifying income. In some cases, they may verify your employment by making a quick call to your employer.

Can payday lenders take you to court?

The short answer is yes; a payday loan company can sue you in civil court if you default on your debt. This rarely happens as lenders send loan defaults to collection agencies who may take you to civil court if they are unable to collect the debt. For you to be sued in civil court, you must be delinquent on your payments and in violation of your loan agreement.

Note: Payday lenders (or collection agencies) can never take you to criminal court.

Is there a limit to how many payday loans you can get?

The total of your outstanding loans cannot exceed $500.

Why would a payday loan be denied?

The most common reasons may include: not passing affordability checks, past borrowing history or missed payments, and employment type (e.g., not being in full-time employment).

Apply for online payday loans today!

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Applying does NOT affect your FICO® credit score!
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