High Importance of Colorado Fast Cash Loans
Unexpected financial emergencies can strike anyone at anytime. It can be something as simple as a rock cracking your windshield on the drive home, or more complicated like a water pipe bursting inside your home and causing water damage. Neither one of these instances can be foreseen, but they will cost money nonetheless and need to be dealt with immediately. Unfortunately millions of Americans do not have insurance to cover these circumstances or a rainy day fund to deal with the expenses. Those who live in Colorado face these challenges and many others should consider obtaining a Colorado fast cash loan.
A Colorado fast cash loan is a cash advance designed to put money into your checking account as soon as possible. The goal of these small, short term loans is to help individuals overcome financial challenges that arise in between paychecks from work. The average cash advance abides by the following guidelines:
- Small loans between $100 and $1,000
- Short loan periods ranging from two weeks to 30 days
- No credit score needed
- FAST approval
The laws that govern the cash advance industry differ from state to state in the U.S. and Colorado fast cash loans are no different. There are specific laws that govern the cash advance industry in Colorado and they have recently undergone changes. The current laws governing a Colorado fast cash loan include:
- $500 cap placed on all cash advances
- Loan periods are not to exceed 40 days
- Only one roll-over or extension is available to borrowers
- Lenders may not charge fees in excess of 20% of the first $300 borrowed. Fees may not exceed 7.5% on loans over $300 with a maximum of $75 charged on a $500 loan.
In addition to these laws, Colorado fast cash loans must also abide by a Federal law governing the cash advance industry. This Federal law for lenders to follow governs lending practices toward military borrowers. Specifically the law states that lenders may only charge a certain interest rate to military members and their families.
It is important for anyone looking to obtain a Colorado fast cash loan to keep in mind that cash advances are for real emergencies only. Cash advances are ideal for handling expenses related to auto repairs, home repairs, and medical bills. They can also be used to avoid late fees on credit cards, utility bills, and mortgage payments; or even to avoid overdraft charges on a checking account.
Lenders in Colorado used to be able to charge upwards of 300% for annual percentage rates on loans. Now however, Colorado fast cash loan lenders may only charge upward of 45% APR. Regardless, it is important for borrowers to think wisely before obtaining a cash advance. If you will be unable to repay the loan when your next paycheck is due, you risk incurring more fees on the loan and possibly damaging your credit report.
Those interested in a Colorado fast cash loan can turn to Fastcashloansonline.com for all the information they need about cash advances in Colorado. Borrowers can even submit an application for approval online and receive the loan they need quickly.