Fast Online Payday Loan [ COLORADO SPRINGS ]
Possible types of loans:
- $100, $200, $300, $400, $500, $600, $700, $800, $900, 1000 dollars are emergency payday loans in Colorado Springs Colorado USA, which are issued for a period of 1, 2, 3 or 4 weeks (until your next salaries).
- $1500, $2000, $2500, $3000, $3500, $4000, $4500, $5000 – Colorado Springs, CO installment loans that can be taken out for terms of up to 2 years (most often 1, 6, 9, 12 or 3 months).
To get fast online cash advances (payday or personal loans, short-term loans, fast cash) with instant approval in Colorado Springs, CO, USA, use our simple 5-minute application form! The money will be credited to your bank account within 24-48 hours (or faster) after approval.
Cash Advance Near Me :: Colorado Springs Colorado Direct Lenders (list of offline stores and agencies nearby)
| Company | Address | Phone |
|---|---|---|
| Lendmark Financial Services | 6512 S Academy Blvd Suite 100, Colorado Springs, CO 80906 | +1 719-368-4249 |
| Freedom Private Money | 1259 Lake Plaza Dr Suite 250, Colorado Springs, CO 80906 | +1 719-836-8216 |
| ACE Cash Express | 2064 S Academy Blvd, Colorado Springs, CO 80916 | +1 719-597-6447 |
| OneMain Financial | 1736 W Uintah St, Colorado Springs, CO 80904 | +1 719-471-9179 |
| Checkmate | 5746 Palmer Park Blvd, Colorado Springs, CO 80915 | +1 719-219-3624 |
| ACE Cash Express | 3925 N Academy Blvd, Colorado Springs, CO 80917 | +1 719-596-1166 |
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About Instant Payday Loans in Colorado Springs Colorado
Unexpected financial emergencies can create significant stress, leading many to seek out quick cash solutions. For residents of Colorado Springs, payday loans are one available option, but they operate under a unique and highly regulated system specific to the state of Colorado. Understanding the strict rules governing these loans is essential before considering one.
Colorado has implemented some of the most consumer-friendly payday loan regulations in the United States, which significantly impact their cost and structure. This article will guide you through the minimum requirements and the specific terms you can expect under Colorado law.
Minimum Requirements for a Small Payday Loan in Colorado Springs, CO
Lenders in Colorado Springs must adhere to the statewide regulations set by the Colorado Attorney General’s office and the Uniform Consumer Credit Code (UCCC). The basic requirements to qualify for a payday loan are:
- Age and Residency: You must be at least 18 years old and a resident of the United States. You will need to provide a valid, government-issued photo ID (such as a Colorado driver’s license or ID card) for verification.
- Proof of Income: While lenders need to verify your ability to repay, Colorado law prohibits them from requiring a specific minimum income. Instead, they must reasonably determine that you have the ability to repay the loan without needing to re-borrow. You will likely need to provide recent pay stubs, bank statements, or proof of benefits.
- Active Bank Account: You must have an open checking or savings account in your name. This is used to deposit the loan funds and for repayment.
- Contact Information: You will need to provide a valid phone number, email address, and your current residential address.
- Social Security Number: Lenders will require your SSN for identity verification and to pull your credit history.
Unlike some states, Colorado law requires payday lenders to report loan activity to credit bureaus. This means your loan and payment history can impact your credit score, for better or worse.
Terms of Short-Term Loans in Colorado Springs, Colorado, USA
The terms for payday loans in Colorado are fundamentally different from those in most other states due to the Colorado Consumer Credit Amendment (2018). These laws are designed to prevent debt traps by creating a more manageable repayment structure.
- Loan Amounts: The minimum loan amount is $50. The maximum amount a lender can offer is $500.
- Loan Term (Length): This is a critical difference. Colorado law prohibits loans with a term of less than six months. A traditional “payday” loan that must be repaid in two weeks is illegal. All loans must have a minimum term of at least 6 months.
- Installment Structure: All loans must be structured as installment loans, meaning you repay them in multiple, scheduled payments over time. This is a stark contrast to the single “balloon” payment required by traditional payday loans in other states.
- Cost and APR Caps: Colorado law sets strict limits on costs.
- Finance Charge Cap: The maximum finance charge for a payday loan is 20% of the first $300 loaned and 7.5% on any amount above $300.
- Interest Rate Cap: Lenders cannot charge more than 45% annual interest on the unpaid principal balance.
- Example: On a $500 loan, the total finance charge cannot exceed (20% of $300 = $60) + (7.5% of $200 = $15) = $75. When combined with the 45% annual interest, the total cost is significantly lower than in other states. The APR for a six-month, $500 loan would be approximately 113%—still high, but far below the 600%+ seen in states like Missouri.
- No Rollovers: The law strictly prohibits “rollovers,” where a borrower pays a fee to extend the loan. The loan must be paid off according to the original installment schedule.
- Right to Rescind: You have the right to cancel the loan at no cost by the end of the next business day after receiving the funds. You must do so in writing and return the full principal amount.
