Colorado Cash Advance Consumer Resource
Welcome to the CashAdvance.com Colorado payday loan information source. Here, you will find all the most important and up-to-date information you need to know about your Colorado cash advance, including laws and regulations, statistics, requirements, and much more. Colorado, like most states, has specific guidelines that lenders and borrowers must adhere to in order to meet state standards. Before you borrow, take advantage of our educational loan information and learn about the available consumer protection tools. You can also find details on the loan process as well as possible alternatives to help you with your cash flow needs.
Thank you for using CashAdvance.com for your Colorado payday needs. Be sure to check back often for news and recent developments regarding Colorado cash advances.
If you have helpful tips or information that you would like to share with other Colorado cash advance customers, please feel free to contact CashAdvance.com at colorado@cashadvance.com.
For more information on cash advances within the cities of Colorado, please visit the the links below.
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Cash Advance in Colorado
The cash advance or payday loan industry has been one of the few sectors of the economy to escape major problems during the global recession that has gripped the world for three years now. Some people have sought out the services of the cash advance industry to help them make ends meet during these tough times, but it is important that every individual understand the laws that govern the cash advance industry in their state. Each state makes their own laws regarding cash advances with some states setting loose guidelines, while others have very strict guidelines. Those considering a cash advance in Colorado should make themselves knowledgeable about the laws so they understand what they are getting involved in.
Cash advances are short term loans with high interest rates that put money in the borrower’s pocket quickly. Those in need of cash quickly write a check from their checking account for the amount of the loan plus fees and charges. The lender holds on to the check and gives the individual a check or electronic payment in the amount of the loan. When the loan period is up, usually two weeks, the lender cashes the check and the transaction is completed.
If however the borrower does not have sufficient funds in their account to cover the check they wrote to the lender, they may ask for an extension of the loan period. While this is designed to help the individual boost their funds in their account to repay the loan, extensions come with very high interest rates that often make it more difficult to repay the loan.
Those considering a cash advance in Colorado should consider some of the following laws that govern the industry in their state. Colorado law enables cash advance businesses to use triple digit interest rates on cash advance loans. The state’s laws prevent consumers from having more than one cash advance pending at one time. The following laws also govern a cash advance in Colorado:
• Loan Amounts: Cash advances in Colorado are limited to a maximum of $500
• Loan Period: The longest loan period a lender can offer is 6 months
• Extensions: Borrowers can only use one roll over/extension/renewal on their loan
• Fees: $75 origination fees, monthly fee of $7.50 per $100 borrowed or $30 max, and 45% APR
A cash advance loan can be very tricky to navigate and has the potential to land an individual in an even worse financial situation than they were in when they took the loan. Cash advances should only be used to cover emergencies like sudden medical problems, unexpected auto issues, or higher bills around the house. Often the use of a cash advance is a sign of greater financial problems for an individual.
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
Legal Disclaimer: This website does not constitute an offer or solicitation to lend. CashAdvance.com is not a lender, does not broker loans, and does not make loan or credit decisions. The operator of this Web Site is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. CashAdvance.com provides a service only and is not acting as a representative, agent, or correspondent for any service provider or lender. CashAdvance.com's aim is to inform users of possible lenders who may be able to satisfy the needs of a particular consumer. CashAdvance.com does not endorse any particular service provider, lender, nor loan product. You are under no obligation to use CashAdvance.com's service to initiate contact, nor apply for credit or any loan product with any service provider or lender. Service providers or lenders will typically not perform credit checks with the three major credit reporting bureaus: Experian, Equifax, or Trans Union. However, credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau, which typically will not affect your credit score, may be obtained by some service providers or lenders, in certain circumstances. You will not be charged any fees to use CashAdvance.com's service. Learn more on our Rates & Fees section.
Availability: Residents of some states may not be eligible for a short term cash loan based upon lender requirements. CashAdvance.com does not guarantee that completing an inquiry form will result in you being matched with a service provider or lender, being offered a loan product with satisfactory rates or terms, nor receiving a loan from a service provider or lender.