Colorado (CO) Payday loans Online, Cash Advances, Installment Loans, and Personal Finance Solutions

Colorado residents can now obtain a payday loan or cash advance online from the comfort of their home, office, cell phone, or tablet. Personal installment solutions with fast deposits right to your checking or savings accounts.

Colorado has the highest elevation of any state, with more than 1,000 Rocky Mountain peaks over 10,000 ft high and 54 towering above 14,000 ft. Pikes Peak, the most famous of these mountains, was discovered by U.S. Army lieutenant Zebulon M. Pike in 1806. The first license plate on a car in the United States was issued in Denver, Colorado in 1908. Once primarily a mining and agricultural state, Colorado’s economy is now driven by the service industries. Manufactured products include scientific instruments, food processing, transportation equipment, machinery, chemical products, gold and other mining. Reference Wikipedia

• The first license plate on a car in the United States was issued in Denver, Colorado in 1908.
• Denver is nicknamed “The Mile-High City” because its official elevation is exactly one mile (5,280 feet) above sea level.

Colorado has an average yearly income of $34,561, making it the state with the eight highest income in the nation. The $248.6 billion gross domestic product makes Colorado have the 20th best economy. If you live in the area and are proud to call it home, you enjoy a variety of climates because this state experiences temperature changes for each of the four seasons.

According to two major studies, Colorado’s economy is one of the best in the nation. The unemployment rate dropped to 2.9 percent in April 2018, which made it tie with a few other states for the lowest unemployment rate. Although it ranked among the top 20 states for economic environment, it ranked first in the job market category.

Over the years, Colorado’s growth has been steady. It has not grown too slow or too fast, which is optimal for policymakers and economists. Colorado also ranked among the top 10 states for economic activity and economic health. Additionally, the state recently ranked second for the highest GDP growth. Lending activity is steady for people with both good and bad credit.

Colorado Cash Advance Regulations and Payday Loans

According to state laws, Colorado payday loans can include an acquisition fee or an origination fee that is up to 20 percent of the first $300 of the loan. Lenders can charge 7.5 percent of any excess amount beyond that first $300. Installment periods must be clearly outlined and discussed, and the maximum annual interest rate is 45 percent. Interest cannot be charged on the origination fee.

The Colorado cash advance limit is $500. For outstanding balances past term limits, monthly maintenance fees are allowed per $100 increment but not on balances below $100. Lenders can refinance up to $500 with Colorado payday loans. People with good and bad credit often choose these loans because they offer quick approval without a credit check.

Colorado Personal Loan Regulations and Installment Rules for Lending

Colorado installment loans are considered personal loans. Short-term loan repayment periods must be clearly defined. Most Colorado personal loans are repaid over the span of several months or several years. If a lender wants to add an annual finance charge to an unsupervised loan, it cannot exceed 12 percent of the unpaid balance. Additional loan charges other than default or delinquency penalties may include certain lender-specific benefits, state taxes and official fees.

Lenders must make interest rates and accrual periods clear to borrowers. If a personal loan has collateral, the state does not allow real estate to be used if the amount of the loan is under $3,000. With Colorado installment loans, borrowers can legally repay their balances early without any penalties. For Colorado personal loans, late fees and default penalties must be discussed and clearly defined by lenders before borrowers sign any papers.

References:

“Colorado’s Economy One of the Best in U.S.,” Denver Post, 5 June 2018, https://www.denverpost.com/2018/06/05/colorado-economy-rankings/. Accessed on 29 November 2018.

“Uniform Consumer Credit Code Rules,” Colorado Secretary of State, Department of Law, 29 November 2010, https://www.sos.state.co.us/CCR/GenerateRulePdf.do?ruleVersionId=176. Accessed on 29 November 2018.

“Title 5,” Colorado Revised Statutes 2016, Consumer Credit Code, 1 January 2016, https://leg.colorado.gov/sites/default/files/images/olls/crs2016-title-05.pdf. Accessed on 29 November 2018.

Real Per Capita Income in Colorado

Statute for Colorado payday loans and cash advances. Personal loans and installment options qualify for larger amounts through our secure form. State laws and statutes can change at anytime and the information above or below may become slightly out-of-date as we update frequently.

(Source: U.S. Census Bureau, Census 2010 Population)

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