Online payday loans are a convenient way to borrow money without leaving your home. To do this, you need to have Internet access, a source of income and some kind of identity verification. In this case, you can use our online referral service to find the best lender for your unique needs. The most convenient way to apply for an online loan is through our website. Our portal has the most extensive network of licensed lenders in Colorado.
Table of Contents:
- What are Payday Loans?
- What You Need to Know About a Payday Loan in Colorado
- Benefits of Online Payday Loans
- Costs and Regulations of Payday Loans in Colorado
- Consumer Protection in Colorado
- Basic Requirements for Getting an Online Loan
- Who is a Speedy Payday Loan Good For?
- Why Take a Colorado Payday Loan?
- How to Apply for a Speedy Loan Online
- Things to Consider Before Applying for Payday Loans
- How to Find Colorado Payday Loans Near Me
- Do I Need a Good Credit Score To Get a Payday Loan in Colorado?
- Why Should You Choose Us for Colorado Payday Loans?
- Why Would a Payday Loan Be Denied?
- How to Ensure Fast Approval of Payday Loans
- Not Sure if Speedy Payday Loan Are Right for You? Consider These Alternatives
- Payday Loans Colorado – FAQs
What are Payday Loans?
A payday loan is a short-term, small-dollar loan that is designed for those who need money urgently to deal with unexpected expenses. Such a need may arise at any time, but a traditional bank will not be able to issue a loan the same day you apply. To borrow money from a bank, you will have to go to the lender’s office, wait in line, explain why you need the money, provide a lot of documents that confirm your identity and income.
You will spend at least one day on getting a bank loan. Although sometimes obtaining a loan from a bank can be delayed for several days, moreover the result may not always be positive. Thus, online payday loans are gaining popularity due to fast application, relaxed borrower eligibility criteria and same-day funding.
In addition, to apply for a speedy loan through our website, you need to follow only three simple steps (see below).
If you have already taken online loans with us, then the repeated application process is even easier. Besides, you will be able to get bonuses and discounts. If accepted, you should expect to have the funds in your checking account as soon as the same day. The borrowed money can be used for whatever purpose.
What You Need to Know About a Payday Loan
Payday loans allow you to get a relatively small amount of money for a short time. Most often, financial companies in Colorado are ready to issue payday loans in amounts not exceeding $1,000. Loans are typically repaid within 4 weeks. Payday loans can become an attractive solution to temporary money issues if you know how to assess your financial capabilities. You must realize that you will have to repay the principal loan amount plus interest within a few weeks, otherwise, the loan can become very expensive. Moreover, due to your responsible approach, you can easily improve your credit history. In some cases, it is possible to extend the loan, but this is far from always possible, so you’d better clarify such moments in advance.
Our referral service allows consumers to save energy and time, which is important nowadays. With us, it is possible to get a fast loan around the clock: applications are processed automatically.
Benefits of Online Payday Loans
Payday loans in Colorado have the following advantages:
- easy-to-meet borrower requirements;
- you can get a loan even if you have a poor credit score;
- official employment is not required;
- online loan processing eliminates the need to visit the lender’s office, wait in line;
- speed application and approval;
- high approval rates;
- you can borrow money at any time, on any day of the week;
- instant funding;
- your personal information is reliably protected;
- no collateral required;
- you can use the funds for whatever purpose;
- you can repay your loan early or extend the term.
Costs and Regulations of Payday Loans in Colorado
Payday lending is legal in Colorado.
Colorado imposes a $500 amount limit on payday loans. Funds can be borrowed for a period of 6 months or longer. The finance charge must not be over an annual percentage rate of 36%. Criminal actions against borrowers are prohibited.
A consumer is allowed to have more than one payday loan, still the outstanding loan amount cannot exceed $500.
Based on state law, lenders providing payday loans can charge up to 20% of the first $300 of the loan, + 7.5% of any amount above $300 of the loan for an origination fee. Companies may also charge a monthly maintenance fee which cannot exceed $7.50 for every $100 borrowed up to a maximum of $30 per month.
There is no penalty for early repayment.
Consumer Protection in Colorado
- Regulator: Colorado Office of the Attorney General
- Address: 1300 Broadway 10th Floor, Denver, CO 80203
- Regulator’s Website: https://coag.gov/
Basic Requirements for Getting an Online Loan
What do you need to start your application?
- Your Social Security Number;
- Your government-issued driver’s license or photo ID;
- Your personal checking account number;
- Your bank’s routing number;
- To be at least 21 years of age;
- Proof of steady income (wages, scholarship, pension, social benefits, etc.).
It is important to remember that the borrower eligibility requirements may vary from lender to lender but within the state laws. Each lender must disclose all the terms, rates, and fees in the agreement.
Who is a Speedy Payday Loan Good For?
There are many situations when payday loans can help you out:
- you have no time to go anywhere and wait for loan approval;
- there is no way to provide all the necessary documents;
- you cannot provide collateral;
- you need money urgently;
- you need money late in the evening or at night;
- your application has been rejected by all banks;
- you are a pensioner or a student;
- you have a good credit history;
- you are not officially employed.
In all these cases, online payday loans will be useful. Keep in mind that it makes sense to apply for a speedy loan only if you need up to $500 for a short period.
Why Take a Colorado Payday Loan?
The common advantages of payday loans are quick approval and fast deposit. Colorado residents apply for this loan type when they need an instant loan from a credible lender. Cash advance loas are perfect for emergency payments or purchases, such as:
- Medical bills;
- Urgent purchases;
- Car repair;
- Home improvement;
- Travel expenses;
- Tuition fees;
- Utility bills or rent.
When applying for a payday loan, lenders will not ask you how you are going to use the funds. You are free to spend the money on literally anything. Most consumers take such loans to cover emergency expenses. Regardless of how carefully you may budget your finances, you are not insured against the unexpected. Payday loans are designed for these specific cases. And since lenders understand that you need a loan urgently, they process requests quickly, based on a simplified application process.
How to Apply for a Speedy Loan Online
Once you have decided that an online payday loan is the best solution to your unexpected financial problem, you can start the application process on our website and receive funding the same day or the next day. To get a loan, just take the following steps:
- Fill out the Loan Application Form – Many lenders from our network offer a simple and fast loan application that can be completed from the comfort of your home or office;
- Get Matched with the Lender – There are many payday lenders in Colorado, and we will match you with the right lender for your unique needs;
- E-sign the Agreement – Review the loan offer from the lender you got matched with. Decide whether you are satisfied with its rates and terms. If yes, e-sign the loan agreement;
- Get Your Money – Most lenders from our network will transfer the money into your bank account within 24 hours. Some companies offer same-day depositing, while others may take 1-2 business days, depending on their policies.
Things to Consider Before Applying for Payday Loans
- Do not take a loan if you are not 100% sure that you can repay it in a timely manner;
- Assess interest rates, read the individual terms of the loan agreement and the general conditions set by the lender;
- Check the agreement for additional services. They may affect the total loan amount;
- Do not sign the loan agreement if it contains vague and incomprehensible wording;
- Check the total loan cost. It must be indicated on the front page of the agreement;
- Do not try to deceive the lender when applying for an online payday loan by providing false information or other people’s documents;
- Do not apply for a loan in the first organization you come across, first study the information about the company, read reviews, check its license. The easiest way to find the best lender in Colorado is to use our referral service.
How to Find Colorado Payday Loans Near Me
There are two ways of applying for a payday loan in Colorado, near you: online or in person. The latter option makes sense if there is a storefront office near your home or office. If you have already borrowed funds from a lender you liked, you may check their in-store locations near you. If you choose online lending, all you need is a device with access to the Internet. Applications are processed 24/7. If you apply on a trusted online platform like SpeedyPaydayLoan, you reach an extensive network of reputable lenders licensed to issue payday loans in Colorado.
We help consumers find the right payday loan all across the state:
- Canon City
- Commerce City
- Estes Park
- Fort Collins
- Fort Morgan
- Glenwood Springs
- Grand Junction
- Greenwood Village
- Highlands Ranch
- Steamboat Springs
- Wheat Ridge
- Woodland Park
Do I Need a Good Credit Score To Get a Payday Loan in Colorado?
To have access to bank loans, it is important to keep your credit history perfect. But what can you do if your credit score is already poor? Where can you borrow money if your request has been rejected by all banks?
The solution to this problem is even closer than it seems. Use our online referral service to apply for a loan even if you have a bad credit history. We will help you quickly deal with any financial issue. In addition, paying off payday loans on time will help you improve your borrower reputation.
Improving your credit history with the help of speedy online loans is the fastest, easiest and safest way to become a “reliable” borrower for any organization.
Ways to Build and Improve Your Credit Fast
There are several great ways to increase your credit score:
- Make sure there are no errors in your credit report. Mistakes in credit history are rare but still occur. Therefore, it is necessary to carefully study your own credit report, analyze all the facts. If you detect mistakes, you can contact the credit bureau with a request to remove this information. By removing false data, you can quickly improve your credit score;
- Get a credit card. Lack of credit history also reduces the chances of getting approved for a loan. When you receive a credit card (even with a small limit), data about you as a borrower is sent to the credit bureau;
- Assess your financail resorces. If your monthly income is small and your debt is large, there is a high probability of not coping with the load;
- Restructure debt. Often, you can change the current terms of the loan in order to facilitate debt servicing. Sometimes banks even lower interest rates. Thus you can reduce the load on payments, stop delay payments and improve your credit score;
- Apply for refinancing. Refinancing is the process of obtaining a new target loan to pay off the old one. A new loan is taken either for a longer period or at a lower interest rate. In both cases, the likelihood of new delays is significantly reduced;
- Control your credit score. If you set a goal to increase your credit score, check its status regularly. If you have debt, you need to find a way to pay it off. The sooner you do this, the more chances you have to keep your positions good;
- Use payday loans. One of the effective ways to quickly improve your credit score is timely repayment of small payday loans. Repayment of several payday loans o time will help you improve your credit history and apply for a large bank loan (car loan, mortgage).
Why Should You Choose Us for Colorado Payday Loans?
Payday loans come with higher interest rates, however, this does not stop Colorado residents from using these loans. Many consumers use this lending option for the following reasons:
✔Speed. You can receive money in just a few minutes;
✔Simple application. You need to fill out a short application form from the comfort of your home;
✔Convenience. Money is transferred to your bank account. The loan is also repaid online;
✔Round-the-clock operation. You can use the online loan referral service even late at night;
✔Loyalty. Lenders from our network have more relaxed borrower eligibility requirements. In addition,
companies often lend money even to people with a low credit score.
Many people are willing to pay extra for speed and comfort.
Why Would a Payday Loan Be Denied?
No organization will tell you the loan rejection reason. But there are several common reasons why you may get declined for a payday loan.
- Incorrect data in the application form. Lenders require accurate information, including a phone number and email address. Any typo can also lead to loan rejection, so carefully check a form for errors before submitting your request;
- Your “face” on social media can influence the lender’s decision. Today, everyone has an account on a social network like Facebook or Instagram. To check their potential clients, lenders may use the so-called scoring, which allows them to quickly evaluate the borrower. Such verification includes searching the borrower’s social media profile and evaluating it. Lenders can assess the potential creditworthiness based on the photos posted in the public domain;
- Bad credit history. Many microfinance companies claim that they do not check the borrower’s credit score. Perhaps this is true because checking a credit history increases the time for processing an application. However, some companies may still do some credit checks;
- You have a criminal record or are under investigation. However, some lenders do not check this information;
- Your age is less than 18. In the USA, it is illegal to lend money to consumers who are under 18 years;
- You do not have an official job. For some companies, it doesn’t matter much;
- You have debts for utility bills. You can take out a loan as soon as you pay off your debts;
- Your income is insufficient. Your request may be declined if the lender believes that you are unable to pay off your loan.
How to Ensure Fast Approval of Payday Loans
When applying for a bank loan, a potential borrower is not always sure that he or she will be able to get approved for a loan quickly and easily. But there are services that approve loans in 95% of cases. However, if you still have doubts, then you’d better use simple tips to increase the chances of getting approved for a loan:
- Choose the right lending institution. In Colorado. there is a huge number of banks and microfinance instititions. Carefully study the information about the various credit organizations and their offers before applying. If you are lost in a variety of options, you can always use loan referral services – they will analyze your request and match with the right lender – this will increase your chances of getting accepted;
- Provide reliable information. When filling out the application form and providing documents, carefully check all the data, do not make mistakes, never provide false information. Any inaccuracy may result in loan rejection;
- Submit a limited number of applications. Many consumers apply to several credit organizations in an attempt to get a loan. In fact, experts do not recommend doing this because all requests are sent to the credit bureau. A large number of applications may cause the client to be included in the risk group;
- Reduce your debt burden. Having multiple existing loans can also result in rejection. Your online loan should be the only one. If possible, you need to pay off existing debts;
- Work on your credit history. Credit history is one of the most important criteria when analyzing a borrower. You can improve it by paying off loans on time. If necessary, you can try to improve your credit score by getting payday loans and paying them on time. This is a well-known scheme.
Not Sure if Speedy Payday Loan Are Right for You? Consider These Alternatives
Payday Loans Colorado – FAQs
Q: How many payday loans can I have in Colorado?
A: There is no limit on the number of loans you may take in the state. But there is a required 30 day cooling-off period between loans, which directly affects how many loans you could get per year.
Q: Can I extend my payday loan in Colorado?
A: Yes, you can do one rollover. Rollovers have additional fees, so it is always better to avoid them if possible.
Q: Are online speedy payday loans safe?
A: Sure. Our safe speedy online loans will protect your data and privacy while ensuring security throughout the entire process.
Q: What happens if you don’t repay your loan?
A: A loan default can lead to bank overdraft fees, damage to your credit scores, collections calls, a day in court and garnishment of your paycheck.