Colorado is open to the possibility of short-term loans to help their citizens meet urgent needs for cash. As a way to protect both lenders and borrowers, the state has enforced comprehensive laws to make sure that both parties are dealt with fairly. Aside from setting up minimum and maximum borrowing amounts, Colorado also states the ideal length of time for payments as well as maximum interest rates enforced by lenders. These clear cut rules have paved the way for payday loan prosperity with many lenders not just available through office-based lending institutions but also online.
Colorado lenders have different requirements and process when approving a loan. The most common conditions for application are:
Once all these needs are met, it is a simple matter of filling in the application and arranging the cost of the loan. Colorado payday loan lenders also entertain borrowers with a bad credit rating. Upon skytrail loans approval of the loan, borrowers may set up their accounts for automatic repayment. Today, Colorado lenders provide online and offline applications for easier transactions.
To further ensure fairness in payday loans within Colorado, the state recently changed their regulations pertaining to borrowers and lenders. Following are the new laws in practice:
All borrowers availing of payday loans in Colorado must be aware of the laws and regulations governing the state. Colorado enforces limits on transactions to protect borrowers from unsavory dealings. Check with the Uniform Consumer Credit Code to fully understand the rulings governing the state. For problems, the Colorado Attorney General’s Office handles complaints and questions regarding lenders and finance companies. These safeguards are put in place to help borrowers get the most from their payday loan. It is strongly advised that consumers routinely visit concerned websites to keep them updated regarding payday loan laws.
Colorado Department of Law Website: www.coloradoattorneygeneral.gov
Uniform Consumer Credit Code (UCCC)
For those who would rather avoid payday loans, the state of Colorado offers alternatives that can help individuals on their temporary cash flow problems. A good substitute is to contact the creditor directly and request for postponement of fees. Debt consolidation, borrowing directly from the employer and using credit cards are also viable alternatives, depending on the amount of cash deficiency. For larger sums, bank loans or title loans may be the best option available.