Guaranteed Approval Cash Advance Payday Loans in Denver
According to the reports from Federal Reserve Board, approximately 40% Americans fail to cover unexpected exposes up to $400 without borrowing. Payday loans play prominent role here as they offer the required instant cash to the consumers in such a tight situation. These loans are generally due on borrower’s next payday which is due in two weeks or 4 weeks in some cases. To ensure the repayment capability the borrower just needs to show his steady income poof to the lender.
If you are among them who often face emergency funds requirement and resides in Denver, then you can easily qualify for cash advance payday loans Denver even with bad credit provided you earn at least $1000 per month. One more advantage of applying for short term loans in Denver is that they come in the form of installment loans here and have flexible payback options.
What Do You Need to Know Before Borrowing in “Mile High City” ?
Denver is the capital of Colorado State and is the largest city known as “Mile High City” because it is home to the Mile High Stadium. Located just a few miles away from the Rocky Mountains, Denver possesses epic beautiful views and blends the hustle and bustle of city life with mountain living in an extraordinary way. Coors Field, the Denver Art Museum and trendy neighborhoods like the LoDo District could also be enjoyed in Denver.
More and more residents are relocating to Denver and its surrounding suburbs and neighboring cities including Broomfield, Aurora, Boulder and Ft. Collins, elevating fast cash needs in this area. That’s why the demand of instant financial aids is on pace here. The installment loans Denver are designed to help those needy consumers to meet the urgent cash requirements when their savings fall short. Applying for these loans is very easy with proof of income, a photo ID and valid banking information. If the eligibility criteria is fulfilled, the borrower receives the guaranteed approval on the same day and the cash is also transferred into an applicant’s bank account within one business day.
Payday Loan Rules in Denver
- Min. Loan Amount: $100
- Max. Loan Amount: $15,000
- Turnaround Time: 1 business day
- Loan Term: Varies(Flexible)
- Requirements: $1,000+ monthly income, active bank account, US identity, age limit: 18+
Also, Colorado State Law limits the interest rate a lender can charge, capping the annual percentage rate (APR) at 45%.
- Monthly Maintenance Charges: A maintenance fee cannot exceed more than $7.50 per $100 loaned and must not be beyond $30 per month.
- Renewal Charges: Rollover charges cannot exceed 45% APR.
- Financing Fees: A lender can charge up to 20% of the loan amount for the first $300 borrowed, and an additional 7.50% per $100 can be charged for amounts over $300.
Benefits of Short Term Lending
- Application Process is Quick: Whether the borrower decided to apply online or at store front, the loan application process only take five to ten minutes.
- Multiple Ways to Access Loan Amount: Most of the times, the loan amount is directly transferred into borrower’s bank account, however there are other ways as well. The loan amount is also granted by the lender in the form of a check, cash or bank deposit.
- Bad Credit is Acceptable: As long as the borrower meet the basic eligibility criteria, the bad credit does not impact an approval decision. A regular source of income and long-term employment overcomes the credit obstacles. That’s why these loans are also known as no credit payday loans Denver.
The most important thing a borrower can do for successful loan process is to read loan contract thoroughly before signing it. Also, the lenders are required to state exactly how much the borrower needs to pay back with calculated interest rate clearly to the applicant.
