Fast Online Payday Loan [ WESTMINSTER ]
Possible types of loans:
- $100, $200, $300, $400, $500, $600, $700, $800, $900, 1000 dollars are emergency payday loans in Westminster 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 – Westminster, 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 Westminster, 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 :: Westminster Colorado Direct Lenders (list of offline stores and agencies nearby)
| Company | Address | Phone |
|---|---|---|
| OneMain Financial | 6050 W 92nd Ave #100, Westminster, CO 80031 | +1 303-427-4414 |
| Moneytree | 8140 Sheridan Boulevard, Westminster, CO 80003 | +1 303-650-9898 |
| ACE Cash Express | 7243 Federal Blvd #500, Westminster, CO 80030 | +1 303-428-5611 |
| Bellco Credit Union | 8851 Harlan St, Westminster, CO 80031 | +1 800-235-5261 |
| Pawnbroker Financing | 2701 W 84th Ave Ste 202, Westminster, CO 80031 | +1 303-373-1300 |
| Elevations Credit Union | 4750 W 120th Ave #700, Westminster, CO 80031 | +1 303-443-4672 |
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About Quick Payday Loans in Westminster Colorado
This article will detail the minimum requirements to qualify for a payday loan in Westminster and explain the key terms and costs defined by Colorado law.
Minimum Requirements for a Small Payday Loan in Westminster, CO
The eligibility criteria for a payday loan are consistent across Colorado. To qualify from a licensed lender in Westminster, you will generally need to provide proof of the following:
- Age and Identity: You must be at least 18 years old. You will need to present a valid, government-issued photo ID, such as a Colorado driver’s license or state ID card, to verify your identity and age.
- Proof of Income: You must demonstrate a reliable source of income. This is the primary factor lenders use to assess your ability to repay. Acceptable proof includes recent pay stubs, bank statements showing direct deposits, or documentation for other steady income like Social Security, pensions, or disability benefits.
- Active Bank Account: You need an active checking account in your name. The lender will require your account and routing numbers. This account is used to deposit the loan funds and, for most loans, to electronically withdraw the repayment amount on the due date.
- Contact and Residency Information: You must provide a valid residential address, a working phone number, and often an email address. While U.S. citizenship is not required, you must be a resident of Colorado.
- Social Security Number: You will be required to provide your Social Security Number for identification and verification purposes.
Unlike in some states, licensed lenders in Colorado are required to utilize a statewide database to track all deferred deposit loans. This ensures borrowers cannot have more than one outstanding payday loan at a time, a key consumer protection.
Terms of Short-Term Loans in Westminster, Colorado, USA
The terms, costs, and structure of payday loans in Westminster are strictly defined by Colorado state law (Title 5, Article 3.1 of the Colorado Revised Statutes). These regulations are among the more consumer-friendly in the nation and offer more flexibility than the traditional single-payment loan.
- Maximum Loan Amount: The smallest of $500 or 35% of your gross monthly income. This income-based cap is designed to prevent borrowers from taking on debt they cannot afford to repay.
- Loan Term (Duration): Colorado law requires that a payday loan must have a minimum term of six months. However, the loan is structured as an installment loan. You have the full six months to repay it, but you can also pay it off earlier without any prepayment penalty.
- Finance Charges and APR:
- Lenders can charge a maximum Finance Charge of 20% of the first $300 loaned and 7.5% on any amount above $300.
- Additionally, they can charge a monthly maintenance fee of up to $30 per month (after the first month) for a maximum of six months if the loan is not paid off.
- Example: On a $500 loan, the maximum upfront finance charge would be $75 (($300 x 20%) + ($200 x 7.5%) = $60 + $15). If you took the full six months to repay, you could also be charged up to five monthly fees of $30 ($150), making the total cost of borrowing $225. The APR for this scenario would be approximately 129%.
- Right to Rescind: You have the right to cancel the loan at no cost by the end of the next business day by returning the full principal amount to the lender.
- No Rollovers: Colorado law strictly prohibits the practice of “rolling over” a loan into a new loan with additional fees. The six-month term and installment structure are designed to help borrowers break the cycle of debt commonly associated with traditional two-week payday loans.
