How does a Payday Loan Work?
A Colorado payday loan is a fairly simple process. First, decide the amount of money that you need and complete an application. You will have to furnish personal information such as social security number, employer, and address. Be prepared to provide verification of your income. Next, you'll write a post-dated check to the loan company. They'll give you cash and hold the check until the pre-determined date. This date is your next payday. The loan duration is normally for one to two weeks, but there are exceptions to this rule. You'll repay the loan, plus a small fee for interest, in one lump sum so there's no need to make payments monthly or weekly.
A payday cash advance loan can be a great source of cash whenever you need it the most. They're easy to apply for, with easy terms and many other benefits. Consider this type of loan when you're short on cash.
Colorado Payday Loan Laws
The highest interest that a lender is allowed to charge is 20% for cash advance loans up to $300. For larger loans, they can also charge up to $7.50 for each $100 over the $300 line. If you wish to renew a cash advance loan, there's a 45% interest rate added the renewal. If your loan is outstanding, then the lender can also charge a maintenance fee of up to $7.50 for each $100 that you borrowed. They cannot charge you any more than $30 each month. Lenders are not allowed to splitting any loan into two or more parts, and they're also required to offer payment plans for each loan that they provide.
There are also laws on how payday lenders can collect any outstanding debts that you may have. First, a lender is forbidden from taking legal action against anyone who had borrowed money unless that person had closed their checking account before they finished repaying the loan. The most a lender can charge in collection fees from you is a $25 non-sufficient funds fee. If you do end up in court, however, then you will also have to pay court costs on top of the amount of the loan. If you manage to repay your loan before the loan period ends, then the lender is required to refund you with a portion of the annual percentage rate.
John Callaway (August 22, 1936 – June 23, 2009) was an American journalist, who appeared on radio and television as a host, interviewer and moderator. He was the original host of Chicago Tonight, a nightly news program broadcast on the Chicago, Illinois television station WTTW, serving in that role from 1984 to 1999.
John Callaway was born and...
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