Best Good Bad Credit Loans In Colorado, Payday Laws 2019 - Elite Personal Finance
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Best Good and Bad Credit Loans In Colorado, Payday Laws 2019

EPF Last Update: August 2, 2019
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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

Lender:Min Credit Score:Loan Amount:APR:Licensed in Colorado:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
PersonalLoans580$1,000 – $35,0005.99% – 35.99%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

Lender:Min Credit Score:Loan Amount:APR:Licensed in Colorado:
Prosper640$2,000 – $40,0006.95% – 35.99%Yes
Payoff640$5,000 – $35,0005.99% – 24.99%Yes
Upgrade620$1,000 – $50,0007.99% – 35.97%No, but complies with law
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

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

You can also try SuperMoney. They are one of the best loan comparison sites.

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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.

 

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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.

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 six branches across Colorado, with locations in Arvada, Aurora, Littleton, Denver and others.

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:

County:Lowest FHA Loan Amount:Highest FHA Loan Amount:
Alamosa County$314,827$605,525
Archuleta County$314,827$605,525
Baca County$314,827$605,525
Bent County$314,827$605,525
Cheyenne County$314,827$605,525
Conejos County$314,827$605,525
Costilla County$314,827$605,525
Crowley County$314,827$605,525
Custer County$314,827$605,525
Delta County$314,827$605,525
Dolores County$314,827$605,525
Fremont County$314,827$605,525
Huerfano County$314,827$605,525
Jackson County$314,827$605,525
Kiowa County$314,827$605,525
Kit Carson County$314,827$605,525
Lake County$314,827$605,525
Las Animas County$314,827$605,525
Lincoln County$314,827$605,525
Logan County$314,827$605,525
Mesa County$314,827$605,525
Mineral County$314,827$605,525
Moffat County$314,827$605,525
Montezuma County$314,827$605,525
Montrose County$314,827$605,525
Morgan County$314,827$605,525
Otero County$314,827$605,525
Phillips County$314,827$605,525
Prowers County$314,827$605,525
Pueblo County$314,827$605,525
Rio Blanco County$314,827$605,525
Rio Grande County$314,827$605,525
Saguache County$314,827$605,525
San Juan County$314,827$605,525
Sedgwick County$314,827$605,525
Washington County$314,827$605,525
Yuma County$314,827$605,525
Chaffee County$333,500$641,350
El Paso County$339,250$652,400
Teller County$339,250$652,400
Gunnison County$357,650$687,800
Weld County$385,250$740,850
Grand County$402,500$774,050
La Plata County$419,750$807,200
Ouray County$425,500$818,250
Hinsdale County$427,800$822,700
Larimer County$437,000$840,400
Adams County$561,200$1,079,250
Arapahoe County$561,200$1,079,250
Broomfield County$561,200$1,079,250
Clear Creek County$561,200$1,079,250
Denver County$561,200$1,079,250
Douglas County$561,200$1,079,250
Elbert County$561,200$1,079,250
Gilpin County$561,200$1,079,250
Jefferson County$561,200$1,079,250
Park County$561,200$1,079,250
Boulder County$626,750$1,205,300
Routt County$634,800$1,220,800
Summit County$722,000$1,388,850
Eagle County$726,525$1,397,400
Garfield County$726,525$1,397,400
Pitkin County$726,525$1,397,400
San Miguel County$726,525$1,397,400

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:

Lender:Min Credit Score:Loan Amount:APR:Licensed in Colorado:
LendingClub630Up to $500,0009.77% – 35.98%Yes
LendingTree500Varies5.99% – 35.99%Yes
Kabbage0Up to $250,00024% – 99%Not a direct lender

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.

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