Best Good Bad Credit Loans In Colorado, Payday Laws 2020 - Elite Personal Finance
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Best Good and Bad Credit Loans In Colorado, Payday Laws 2020

EPF Last Update: April 9, 2020

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Colorado’s Supervised Lenders Statute caps APRs on all installment loans administered throughout the state:

  • For unpaid balances ≤ $1,000, APRs are capped at 36%.
  • For unpaid balances > $1,000 but ≤ $3,000, APRs are capped at 21%.
  • For unpaid balances > $3,000, APRs are capped at 15%; the lender also has the option to charge 21% on the entire unpaid balance.

Allowable monthly handling charges include:

  • $12.50 for loans $100 to $300.
  • $15 for loans $301 to $500.
  • $17.50 for loans $501 to $750.
  • $20 for loans $751 to $1,000.

As well, non-sufficient funds fees are capped at $25. And the lender can only charge a $15 late payment fee if the borrower is more than 10 days delinquent.

Best Bad Credit Loans In Colorado 2020

Amount

$500 – $5,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

3 – 36 Months

Licensed in Colorado

Not a direct lender

Amount

$100 - $2,500

Min Credit Score

0

APR

Vary by State

Approval

< 1 Day

Terms

1 - 36 Months

Licensed in Colorado

Yes

Amount

$1,000 – $5,000

Min Credit Score

0

APR

Vary By State

Approval

< 1 Day

Terms

9 – 36 Months

Licensed in Colorado

Yes

Amount

$100 – $1,000

Min Credit Score

0

APR

Vary By State

Approval

< 1 Day

Terms

7 – 30 Days

Licensed in Colorado

Yes

Amount

$1,000 – $10,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in Colorado

Not a direct lender

Amount

$1,000 – $50,000

Min Credit Score

500

APR

3.99% – 35.99%

Approval

< 1 Day

Terms

1 – 5 Years

Licensed in Colorado

Yes

Amount

$1,000 – $35,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in Colorado

Yes

Amount

$1,000 – $100,000

Min Credit Score

500

APR

5.34% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in Colorado

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

4.99 - 35.99%

Approval

< 1 Day

Terms

12 - 120 months

Licensed in Colorado

Yes

Amount

$1,000 – $35,000

Min Credit Score

580

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in Colorado

Not a direct lender

If you have problem with getting a loan, please read our complete guide on bad credit loans.

Best Personal Loans for Good Credit In Colorado 2020

Amount

$1,000 - $100,000

Min Credit Score

0

APR

4.99 - 35.99%

Approval

1 Day

Terms

12 - 120 months

Licensed in Colorado

Yes

Amount

$2,000 - $40,000

Min Credit Score

640

APR

6.95% - 35.99%

Approval

1 - 3 Days

Terms

36 - 60 months

Licensed in Colorado

Yes

Amount

$1,000 – $100,000

Min Credit Score

0

APR

4.99 - 35.99%

Approval

1 Day

Terms

12 - 120 months

Licensed in Colorado

Yes

Amount

$1,000 – $35,000

Min Credit Score

580

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in Colorado

Yes

Amount

$1,000 – $50,000

Min Credit Score

500

APR

3.99% – 35.99%

Approval

< 1 Day

Terms

1 – 5 Years

Licensed in Colorado

Yes

Amount

$1,000 – $35,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in Colorado

Yes

Amount

$1,000 – $50,000

Min Credit Score

600

APR

6.98% – 35.89%

Approval

< 1 Day

Terms

3 - 5 Years

Licensed in Colorado

Yes

Amount

$5,000 – $35,000

Min Credit Score

640

APR

5.99% – 24.99%

Approval

1 – 7 Days

Terms

2 -5 Years

Licensed in Colorado

Yes

Amount

$2,500-$35,000

Min Credit Score

660

APR

6.99-24.99%

Approval

1 Day

Terms

24 - 84 Months

Licensed in Colorado

Yes

Amount

$7,500 - $40,000

Min Credit Score

680

APR

6 - 15%

Approval

1 - 7 Days

Terms

36 - 84 months

Licensed in Colorado

Yes

For more help finding an affordable loan in Colorado, see our list of recommended lenders.

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Payday Loans in Colorado

Maximum Loan Amount: $500

Minimum Loan Term: 180 days

Maximum Loan Term: Not Specified

Maximum Fee: $20 or $20 + 7.5%

Maximum APR: 36%

Rollovers: 1 per loan

Loan Limit: You can only have one payday loan at a time

Payday loans are legal in Colorado.

However, the Deferred Deposit Act mandates that lenders cap their APRs at 36%. The maximum loan amount is $500 and terms have a 180-day minimum. Rollovers are allowed, but only 1 per loan. As well, lenders can refinance payday loans into installment loans.

  • For loans < $300, the maximum finance charge is $20.
  • For loans > $300, the lender can charge $20 + 7.5% for each additional $100 borrowed.

Lenders are also permitted to charge a maximum non-sufficient funds fee of $25.

Payday Loan Laws in Colorado by Country

ElitePersonalFinance analysis of payday loan laws by countries in the State of Colorado.

CityAmount AllowedAPR AllowedStatus
Denver$500214%Legal
Colorado Springs$500214%Legal
Aurora$500214%Legal
Fort Collins$500214%Legal
Lakewood$500214%Legal
Thornton$500214%Legal
Arvada$500214%Legal
Westminster$500214%Legal
Pueblo$500214%Legal
Centennial$500214%Legal
Boulder$500214%Legal
Highlands Ranch$500214%Legal
Greeley$500214%Legal
Longmont$500214%Legal
Loveland$500214%Legal
Broomfield$500214%Legal
Grand Junction$500214%Legal
Castle Rock$500214%Legal
Commerce City$500214%Legal
Parker$500214%Legal
Littleton$500214%Legal
Brighton$500214%Legal
Northglenn$500214%Legal
Security-Widefield$500214%Legal
Dakota Ridge$500214%Legal
Englewood$500214%Legal
Ken Caryl$500214%Legal
Pueblo West$500214%Legal
Wheat Ridge$500214%Legal
Fountain$500214%Legal
Lafayette$500214%Legal
Windsor$500214%Legal
Columbine$500214%Legal
Erie$500214%Legal
Golden$500214%Legal
Louisville$500214%Legal
Clifton$500214%Legal
Evans$500214%Legal
Sherrelwood$500214%Legal
Montrose$500214%Legal
Durango$500214%Legal
Cimarron Hills$500214%Legal
Cañon City$500214%Legal
Welby$500214%Legal
Greenwood Village$500214%Legal
Fort Carson$500214%Legal
Johnstown$500214%Legal
Black Forest$500214%Legal
Lone Tree$500214%Legal
Sterling$500214%Legal
Fruita$500214%Legal
Firestone$500214%Legal
Superior$500214%Legal
Steamboat Springs$500214%Legal
Federal Heights$500214%Legal
Cherry Creek$500214%Legal
Frederick$500214%Legal
Berkley$500214%Legal
The Pinery$500214%Legal
Fort Morgan$500214%Legal
Castle Pines$500214%Legal
Edwards$500214%Legal
Glenwood Springs$500214%Legal
Gunbarrel$500214%Legal
Alamosa$500214%Legal
Rifle$500214%Legal
Stonegate$500214%Legal
Roxborough Park$500214%Legal
Woodmoor$500214%Legal
Derby$500214%Legal
Redlands$500214%Legal
Craig$500214%Legal
Delta$500214%Legal
Fairmount$500214%Legal
Cortez$500214%Legal
Evergreen$500214%Legal
Wellington$500214%Legal
Applewood$500214%Legal
Trinidad$500214%Legal
Fort Lupton$500214%Legal
Fruitvale$500214%Legal
Lamar$500214%Legal
Twin Lakes CDP$500214%Legal
Woodland Park$500214%Legal
Aspen$500214%Legal
Gypsum$500214%Legal
Monument$500214%Legal
Gleneagle$500214%Legal
La Junta$500214%Legal
Eagle$500214%Legal
Milliken$500214%Legal
Carbondale$500214%Legal
Air Force Academy$500214%Legal
Orchard Mesa$500214%Legal
Cherry Hills Village$500214%Legal
Avon$500214%Legal
Berthoud$500214%Legal
Gunnison$500214%Legal
Estes Park$500214%Legal
Sheridan$500214%Legal
Lochbuie$500214%Legal
Stratmoor$500214%Legal
Salida$500214%Legal
Dove Valley$500214%Legal
Vail$500214%Legal
Shaw Heights$500214%Legal
Brush$500214%Legal
Edgewater$500214%Legal
Manitou Springs$500214%Legal
Dacono$500214%Legal
Glendale city$500214%Legal
Eaton$500214%Legal
Breckenridge$500214%Legal
New Castle$500214%Legal
Battlement Mesa$500214%Legal
Castle Pines Village$500214%Legal
West Pleasant View$500214%Legal
Silverthorne$500214%Legal
Mead$500214%Legal
Todd Creek$500214%Legal
Severance$500214%Legal
Monte Vista$500214%Legal
El Jebel$500214%Legal
Niwot$500214%Legal
Basalt$500214%Legal
Florence$500214%Legal
Rocky Ford$500214%Legal
Genesee$500214%Legal
Burlington$500214%Legal
Ponderosa Park$500214%Legal
Meridian$500214%Legal
Yuma$500214%Legal
Lincoln Park$500214%Legal
Silt$500214%Legal
Frisco$500214%Legal
Orchard City$500214%Legal

Car Title Loans in Colorado

Car title loans are illegal in Colorado.

Despite that, lenders use auto pawn loans as a means to skirt the law. With car title loans, you have to pass the title to the lender when you take out the loan. With auto pawn loans, you leave both your car and title with the lender. The financier then houses your car and releases it once you repay the loan. If you don’t repay the loan, the lender keeps your car.

The two products are extremely similar, but the small technicality has them subject to different regulations.

Best Auto Loans for Bad Credit in Colorado 2020

Best Auto Loans for Good Credit in Colorado 2020

Credit Unions In Colorado

Name:APR:Amount:
Ent Credit Union7.49% – 17.9%Varies
Partner Colorado Credit Union12% – 18%$1,200 – $25,000+

 

Ent Credit Union

At Ent Credit Union, you can opt for a personal loan or a personal line of credit. No collateral is required and personal loans offer repayment terms that range from 48 to 72 months. With its line of credit, minimum monthly payments can be as low as 2% of the outstanding balance.

While loan amounts vary by borrower, Ent’s APRs look like this:

  • Revolving Personal Line Of Credit: 9.9% to 17.9%.
  • 48-Month Personal Loan: 7.49% to 16.15%.
  • 60-Month Personal Loan: 7.49% to 16.85%.
  • 72-Month Personal Loan: 8.39% to 17.3%.

Ent Credit Union operates more than 35 branches in Colorado, with locations in Colorado Springs, Castle Rock, Woodland Park, Pueblo West, as well as many others.

Partner Colorado Credit Union

With three options to choose from, Partner Colorado Credit Union offers personal loans that can be used for almost any situation:

  • Everything Loans are unsecured installment loans of $1,200. You repay the proceeds over 12 months and APRs range from 12% to 18%. Like the name suggests, Everything Loans can be used for almost any short-term expense.
  • Signature Loans are also unsecured, but you can borrow upwards of $25,000 and repay the funds in up to 36 months. APRs range from 12.25% to 18% and Signature loans are best used for large expenses or debt consolidation.
  • Savings Secured Loans allow you to use your savings, CD or Money Market balance as collateral for the loan. Because loans are secured, there is no limit to the amount you can borrow. Closed-End loans have a variable APR of 3% + the yield on your savings instrument. Terms are 12 months only, but you can refinance at the end of the period. The Open-End option is revolving, similar to a line of credit. The APR is also variable at 1% + the yield on your savings instrument.

Partner Colorado operates 6 branches across Colorado, with locations in Arvada, Aurora, Littleton, Denver and others.

All Licensed Credit Unions in Colorado

NameCitySize (Millions)Members
ENT FEDERAL CREDIT UNIONSalida$3,417.89209927
BELLCO CREDIT UNIONGreenwood Village$2,069.71198302
PUBLIC SERVICE EMPLOYEES CREDIT UNIONDenver$1,114.81130765
ELEVATIONS CREDIT UNIONBoulder$1,146.5195167
CREDIT UNION OF COLORADODenver$988.6090783
WESTERRA CREDIT UNIONDenver$1,192.0181438
CREDIT UNION OF DENVERLakewood$536.2350287
AIR ACADEMY FEDERAL CREDIT UNIONSalida$423.7142761
PREMIER MEMBERS FEDERAL CREDIT UNIONBoulder$402.0235812
SOOPER CREDIT UNIONArvada$246.2932014
DENVER COMMUNITY CREDIT UNIONDenver$222.9029766
PARTNER COLORADO CREDIT UNIONArvada$221.6123767
MINNEQUA WORKS CREDIT UNIONPueblo$159.2821938
BOULDER VALLEY CREDIT UNIONBoulder$241.6619020
AVENTA CREDIT UNIONColorado Springs$134.9918102
RED ROCKS CREDIT UNIONHighlands Ranch$210.4516337
SPACE AGE FEDERAL CREDIT UNIONAurora$100.3015338
WESTERN ROCKIES FEDERAL CREDIT UNIONGrand Junction$103.5614676
COORS CREDIT UNIONGolden$138.6714121
FITZSIMONS FEDERAL CREDIT UNIONAurora$157.6713801
COMMUNITY FINANCIAL CREDIT UNIONBroomfield$126.0711712
POWER CREDIT UNIONPueblo$79.1411395
SUNWEST EDUCATIONAL CREDIT UNIONPueblo$98.0910761
ROCKY MOUNTAIN LAW ENFORCEMENT FEDERAL CREDIT UNIONDenver$150.1610261
CREDIT UNION OF THE ROCKIESGolden$80.039847
ARAPAHOE CREDIT UNIONCentennial$85.959632
PIKES PEAK CREDIT UNIONColorado Springs$66.428754
STERLING FEDERAL CREDIT UNIONSterling$105.648736
COLORADO CREDIT UNIONLittleton$101.778573
COLORAMO FEDERAL CREDIT UNIONGrand Junction$66.378058
HORIZONS NORTH CREDIT UNIONNorthglenn$70.208034
MEMBERS FEDERAL CREDIT UNIONAurora$75.517913
AURORA SCHOOLS FEDERAL CREDIT UNIONAurora$93.327373
BOULDER MUNICIPAL EMPLOYEES FEDERAL CREDIT UNIONBoulder$56.276896
WELD SCHOOLS CREDIT UNIONGreeley$54.016692
WHITE CROWN FEDERAL CREDIT UNIONDenver$53.176631
FOOTHILLS CREDIT UNIONLakewood$56.316615
NUVISTA FEDERAL CREDIT UNIONMontrose$79.246229
DENVER FIRE DEPARTMENT FEDERAL CREDIT UNIONDenver$122.405751
NORTHWEST UNITED FEDERAL CREDIT UNIONArvada$70.595654
COMMUNITY CHOICE CREDIT UNIONCommerce City$36.204916
METRUM COMMUNITY CREDIT UNIONCentennial$49.234815
GRAND JUNCTION FEDERAL CREDIT UNIONGrand Junction$49.944752
RIO GRANDE FEDERAL CREDIT UNIONGrand Junction$44.504611
DELTA COUNTY FEDERAL CREDIT UNIONDelta$38.054158
WESTMINSTER FEDERAL CREDIT UNIONWestminster$30.683903
PUEBLO HORIZONS FEDERAL CREDIT UNIONPueblo$26.803858
COLLEGE CREDIT UNION OF GREELEYGreeley$42.103817
SOUTHWEST COLORADO FEDERAL CREDIT UNIONDurango$35.233721
PUEBLO GOVERNMENT AGENCIES FEDERAL CREDIT UNIONPueblo$25.143693
ST. JOSEPH CREDIT UNIONSalida$20.953674
ELECTRICAL FEDERAL CREDIT UNIONArvada$29.213614
COLUMBINE FEDERAL CREDIT UNIONCentennial$45.143435
ARKANSAS VALLEY FEDERAL CREDIT UNIONLas Animas$11.013200
SAGUACHE COUNTY CREDIT UNIONMoffat$17.033185
SAN JUAN MOUNTAINS CREDIT UNIONMontrose$23.322996
B.C.S. COMMUNITY CREDIT UNIONWheat Ridge$25.412950
PORTER FEDERAL CREDIT UNIONDenver$23.982923
HOLYOKE COMMUNITY FEDERAL CREDIT UNIONHolyoke$30.842921
PEOPLES CREDIT UNIONSpringfield$38.712603
YUMA COUNTY FEDERAL CREDIT UNIONYuma$27.322499
FELLOWSHIP CREDIT UNIONLamar$12.072368
GUADALUPE PARISH CREDIT UNIONAntonito$18.282253
SCHOOL DISTRICT 3 FEDERAL CREDIT UNIONCrawford$18.562094
WEST DENVER COMMUNITY CREDIT UNIONDenver$8.562093
ST. MARY CREDIT UNIONWalsenburg$8.672018
HEALTHONE FEDERAL CREDIT UNIONDenver$9.821837
BIG THOMPSON FEDERAL CREDIT UNIONLoveland$12.911824
ONE THIRTEEN CREDIT UNIONColorado Springs$9.101824
JEFFCO FEDERAL CREDIT UNIONGolden$16.241777
JUNCTION BELL FEDERAL CREDIT UNIONWoodland$19.061713
HARRISON DISTRICT NO 2 FEDERAL CREDIT UNIONColorado Springs$12.071706
RIO GRANDE OPERATING CREDIT UNIONDenver$7.201542
OTERO COUNTY TEACHERS FEDERAL CREDIT UNIONLa Junta$3.801319
STAR TECH FEDERAL CREDIT UNIONGreenwood Village$7.901317
TRINITY CREDIT UNIONTrinidad$3.571213
BLUE SPRUCE FEDERAL CREDIT UNIONLakewood$5.421193
D C CREDIT UNIONDenver$7.171178
LAMAR CIVIC FEDERAL CREDIT UNIONLamar$5.511166
VALLEY EDUCATORS CREDIT UNIONAlamosa$5.811086
CO-NE FEDERAL CREDIT UNIONJulesburg$3.481055
F C I FEDERAL CREDIT UNIONLittleton$6.101002
MOFFAT COUNTY SCHOOLS FEDERAL CREDIT UNIONCraig$5.60992
SMW NO 9 FEDERAL CREDIT UNIONDenver$2.85919
ROUTT SCHOOLS FEDERAL CREDIT UNIONSteamboat Springs$4.55876
LEGAL COMMUNITY CREDIT UNION OF COLLittleton$3.66819
RIO BLANCO SCHOOLS FEDERAL CREDIT UNIONRangely$3.99686
ENGLEWOOD MUNICIPAL FEDERAL CREDIT UNIONEnglewood$3.42685
GUNNISON WESTERN FEDERAL CREDIT UNIONGunnison$4.05673
I. U. O. E. #9 CREDIT UNIONDenver$2.83644
FORT MORGAN SCHOOLS FEDERAL CREDIT UNIONFort Morgan$5.06634
HAXTUN COMMUNITY FEDERAL CREDIT UNIONHaxtun$3.72537
MAPLETON PUBLIC SCHOOLS FEDERAL CREDIT UNIONDenver$1.91428
ASHOKA CREDIT UNIONBoulder$2.49375
AKRON FEDERAL CREDIT UNIONAkron$0.81344
WEDENEM CREDIT UNIONDenver$1.43343
ST. MICHAELS FEDERAL CREDIT UNIONCraig$0.80256
OLATHE FEDERAL CREDIT UNIONOlathe$0.59252
EATON EMPLOYEES FEDERAL CREDIT UNIONDenver$0.41134

Student Loans In Colorado

As a resident of Colorado, you can take advantage of state-level programs that can help decrease the cost of your education.

Colorado Student Grant

As a needs-based scholarship, the Colorado Student Grant provides up to $5,000 per year to cover tuition, books, housing and other financial necessities.

To qualify you must:

  • Be a resident of Colorado.
  • Enroll in an eligible program at a partner institution.
  • Not have defaulted on any other student loans.
  • Meet academic requirements.

Colorado College Responsibilities Grant (CCGR)

Offering up to $600 per semester, the Colorado College Responsibilities Grant provides funding to undergraduate students who have yet to earn a bachelor’s degree. You need to be a resident of Colorado to qualify and proceeds are funded by the Colorado General Assembly.

Federal Housing Administration (FHA) Loans In Colorado

To qualify for an FHA loan in Colorado, you need to make a down payment of at least 3.5%. You also need a credit score of at least 500, but 580 is required to qualify for the minimum 3.5% down payment. You also need a debt-to-income ratio that doesn’t exceed roughly 43% to 50%.

In Colorado, FHA loan limits are different across counties. As well, 1-bedroom units qualify for the lowest mortgage amount, while 4-bedroom units qualify for the highest mortgage amount.

Here is a breakdown by county:

CountySingle Unit Limit (lowest)Four-Plex Limit (highest)
Adams County$575,000$1,105,800
Alamosa County$331,760$638,100
Arapahoe County$575,000$1,105,800
Archuleta County$331,760$638,100
Baca County$331,760$638,100
Bent County$331,760$638,100
Boulder County$644,000$1,238,500
Broomfield County$575,000$1,105,800
Chaffee County$369,150$709,900
Cheyenne County$331,760$638,100
Clear Creek County$575,000$1,105,800
Conejos County$331,760$638,100
Costilla County$331,760$638,100
Crowley County$331,760$638,100
Custer County$331,760$638,100
Delta County$331,760$638,100
Denver County$575,000$1,105,800
Dolores County$331,760$638,100
Douglas County$575,000$1,105,800
Eagle County$765,600$1,472,550
El Paso County$356,500$685,550
Elbert County$575,000$1,105,800
Fremont County$331,760$638,100
Garfield County$765,600$1,472,550
Gilpin County$575,000$1,105,800
Grand County$473,800$911,150
Gunnison County$371,450$714,350
Hinsdale County$427,800$822,700
Huerfano County$331,760$638,100
Jackson County$331,760$638,100
Jefferson County$575,000$1,105,800
Kiowa County$331,760$638,100
Kit Carson County$331,760$638,100
La Plata County$422,050$811,650
Lake County$331,760$638,100
Larimer County$454,250$873,550
Las Animas County$331,760$638,100
Lincoln County$331,760$638,100
Logan County$331,760$638,100
Mesa County$331,760$638,100
Mineral County$331,760$638,100
Moffat County$331,760$638,100
Montezuma County$331,760$638,100
Montrose County$425,500$818,250
Morgan County$331,760$638,100
Otero County$331,760$638,100
Ouray County$425,500$818,250
Park County$575,000$1,105,800
Phillips County$331,760$638,100
Pitkin County$765,600$1,472,550
Prowers County$331,760$638,100
Pueblo County$331,760$638,100
Rio Blanco County$331,760$638,100
Rio Grande County$331,760$638,100
Routt County$638,250$1,227,400
Saguache County$331,760$638,100
San Juan County$331,760$638,100
San Miguel County$765,600$1,472,550
Sedgwick County$331,760$638,100
Summit County$722,200$1,388,850
Teller County$356,500$685,550
Washington County$331,760$638,100
Weld County$404,800$778,450
Yuma County$331,760$638,100

As you can see, the lowest FHA loan offers $314,827 in 37 counties. The highest offers $1,397,400 in Eagle, Garfield, Pitkin and San Miguel.

Business Loans in Colorado

If you’re looking to expand your business or need capital to help with day-to-day expenses, the online lenders below are a great place to start:

Amount

Up to $10,000,000

APR

Vary

Min Credit Score

0

Licensed in Colorado

Yes

Amount

$5,000 - $500,000

APR

9.77% - 35.98%

Min Credit Score

600

Licensed in Colorado

Yes

Amount

$5,000 - $500,000

APR

5.99% – 35.99%

Min Credit Score

500

Licensed in Colorado

Yes

Amount

Up to $250,000

APR

24% – 99%

Min Credit Score

560

Licensed in Colorado

Yes

Amount

Up to $350,000

APR

9.28 - 10.52%

Min Credit Score

650

Licensed in Colorado

Yes

Amount

Up to $350,000

APR

10.00 - 25.00%

Min Credit Score

680

Licensed in Colorado

Yes

Amount

$75,000 - $5,000,000

APR

5.50 - 8.25%

Min Credit Score

650

Licensed in Colorado

Yes

Amount

Up to $500,000

APR

12.18 - 36.00%

Min Credit Score

660

Licensed in Colorado

Yes

Amount

Up to $500,000

APR

9.00 - 99.00%

Min Credit Score

600

Licensed in Colorado

Yes

Amount

Up to $5,000,000

APR

15.00 - 78.00%

Min Credit Score

600

Licensed in Colorado

Yes

Amount

Up to $1,000,000

APR

Vary

Min Credit Score

0

Licensed in Colorado

Yes

Amount

$6,000 to $250,000

APR

Vary

Min Credit Score

0

Licensed in Colorado

Yes

However, if you prefer a local touch, the lenders below are based in Colorado and offer flexible loan options that can meet all of your business needs:

Colorado Lending Source

Providing economic opportunity to diverse businesses across the state, Colorado Lending Source offers General Business Loans that can be used for a variety of operating purposes.

You can borrow anywhere from $25,000 to $5 million and loans can be used to fund working capital, purchase machinery, make an acquisition as well as other general business purposes. To qualify, the business must be valued at less than $15 million and have an after-tax profit of less than $5 million (averaged over two years).

Maximum fixed interest rates look like this:

  • For loans ≤ $25,000, interest rates are capped at 13.5%.
  • For loans > $25,000 but ≤ $50,000, interest rates are capped at 12.5%.
  • For loans > $50,000 but ≤ $250,000, interest rates are capped at 11.5%.
  • For loans > $250,000, interest rates are capped at 10.5%.

You can visit Colorado Lending Source at its Denver office located at: 1441 18th Street, Suite 100, Denver CO 80203. You can also call them at 1-303-657-0010 or email them at info@coloradolendingsource.org.

Colorado Enterprise Fund

The Colorado Enterprise Fund supports small businesses across the state, offering loans that range from a few thousand to upwards of $500,000. However, APRs vary by borrower.

  • The Dream Big Micro Loan allows you to borrow anywhere from $1,000 to $50,000. Terms extend up to 7 years and funds can be used for working capital, equipment purchases, property upgrades or other operating purposes.
  • The Step Up Loan provides anywhere from $50,000 to $500,000 and terms extend up to 10 years.
  • The Healthy Foods Loan is designed specifically for businesses producing and selling fresh food across Colorado. You can borrow anywhere from $1,000 to $500,000 and special terms are available to businesses serving low income areas.
  • The VALOR Loan provides financing to veterans and Gold Star families across Colorado. Loans range from $1,000 to $500,000 and terms extend up to 10 years. Interest-only periods and discounted rates are available.
  • The SBA Community Advantage Loan is for borrowers who don’t qualify for funding from traditional banks. Loans range from $50,000 to $250,000 and terms extend up to 10 years for working capital or equipment and 25 years for real estate. However, APRs are variable.
  • The Great Asset Partner (GAP) Loan provides financing through its partner banks. You can borrow anywhere from $1,000 to $500,000 and terms extend up to 25 years.
  • The Commercial Real Estate Loan is used for Colorado property purchases. Loans range from $50,000 to $500,000 and terms extend up to 7 years.
  • The Just In Time Line of Credit (LOC) is used to support working capital needs. You have access to anywhere from $15,000 to $100,000 and terms extend up to 2 years. The funds are best for seasonal demand and to mitigate cash flow issues.

You can get in touch with the Colorado Enterprise Fund by filling out the contact form on its website.

Conclusion

Colorado sets a great example by capping its APRs at 36%. Nearly identical to personal loans, the rate ensures Colorado borrowers receive reliable financing at an affordable rate. And while payday loans are legal in the state, they also have to play by the same rules. APRs cannot exceed 36% and the law is used to protect borrowers from predatory lending practices and keep them from falling into a cycle of debt. Conversely, car title loans are illegal in Colorado. Lenders are prohibited from offering a loan in exchange for your title. However, lenders skirt the law by offering pawn shop loans. The technicality allows them to provide Colorado residents with a similar product, albeit still subject to the states 36% APR cap.

Elite Personal Finance

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