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Payday Loans Colorado

Sometimes life happens. We all are always careful about  money and budgeting. But sometimes, there are just too many expenses. Sometimes you need cash quickly but don’t know where else to look. This means that many people turn to payday loans in Colorado and some of them get stuck on an endless cycle of high-interest rates and fees.

Why payday loans are popular

The payday loan industry is huge and has a lot of marketing. They are the only choice for short-term loans that most people consider. There are many other options, which are much better than high-interest loans with severe penalties and high interest.

 Let’s first look at the pros and cons of a regular payday loan.

How payday loans work

Payday loans are short-term loans for small amounts of money, usually $100 to $1000. You repay it with your next paycheck. A regular source of income is required, as well as a bank account. Payday loans have high fees because they are targeted at people who urgently need cash (and often have poor or no credit).

Requirements for payday loans

You will need to have valid identification that you are at least 18 years of age, proof you earn income, and a bank or credit union account. You don’t need to have a good credit score to get a payday loan.

Payday loans for bad credit

Payday loan lenders won’t check your credit score (also called pulling your credit). They don’t care about credit scores or records. They only care about getting you to take out their loan. For example, a bank loan will require a credit check. This can affect your credit score.

Payday loan amounts

Each state has its restrictions on the number of payday loans that you can get. You can’t get more than one loan from the same lender. Colorado prohibits a consumer from borrowing more than $500 from the same lender. It is possible, but not recommended, to borrow more than $500 from different sources.

Payday loans are available in different states. The maximum amount that you can borrow varies from $300 to $1000. Colorado caps it at $500. The statute also states that a consumer cannot borrow more than $500 at any given time.

Payday Loans in Colorado Rates

Colorado’s maximum finance charge is 20% on loans above $300. With each $100 added to your loan, this can rise by 7.5%.  Some changes are being made in Colorado’s payday loan industry. In 2019, a law was passed that limits the APR on payday loans to 36%.

Colorado Payday Loan Options

It is easy to see how a small, unimportant loan can quickly turn into a huge debt problem. This could quickly lead to more problems if you are already struggling to make ends meet. 

There are better options available no matter where you live. There are many cash advances available in Colorado that can help you get the money you need quickly and with minimal pain.

Instacash

Instacash is an online short-term cash loan that can be used to pay for your bills. It’s safer than a payday loan. There is no interest on loans up to $250. Sign up today to receive a quick, painless, and no-credit-check advance.

Download the Oak Park Financial app to get Instacash. You can then tap “Instacash”, to submit your application and have the money deposited directly into your account. Two weeks later, the advance will be withdrawn from your bank account for repayment. All of this happens at zero interest.

Credit Builder Loans

Credit builder loans are just what their name suggests: a loan that builds credit history and helps build credit. Your credit score will improve by the lender reporting on your payment directly to one of the three credit bureaus. This is a way for the lender directly to vouch for your creditworthiness.

Credit builder loans are usually small in size and don’t require collateral. They have low-interest rates and don’t require collateral. To prove your income, all credit builder loans require proof.

As with any loan, the borrower has to pay the loan back on time. It is a practice loan that can be used to obtain larger loans from other sources.

Oak Park Financial provides credit-building loans to its members. If you don’t have an account, download the app and create one. Credit Builder Plus members can instantly be approved for credit building loans up to $1000. Our online services allow you to set up automatic payments so that you can manage your loan responsibly.

Ask your boss

There is an old-fashioned method of getting cash quickly that doesn’t require your credit score or complicated applications. Asking your boss for an advance is all it takes. 

This is not possible in all workplaces. Before asking, make sure you review your company’s policies. If you have the resources to do this, be sure to keep these things in mind.

This is not something you want to happen again. This is an emergency. Be sure to assess the company’s temperature and that of your boss. This request is best made when your boss is in a positive mood and the company’s doing well.

Be clear about whether this is an interest-free loan or a small loan that you will have to repay with interest.

Get the help that you need, without taking on more debt

Everybody has moments when they are strapped for cash. Don’t limit your options to payday loans if you are in financial trouble. There are many other options that you can choose from, and they won’t cost you any extra or incur penalties. We  can help you get out of financial trouble.

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