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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.
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.
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.
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.
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.
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.
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.
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.
There are many reasons to get an online payday loan in Colorado, too many to list. However, here are a few common reasons:
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.
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.
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.
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.
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.
The total of your outstanding loans cannot exceed $500.
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).