Getting an Installment Loan With Third-Party Lenders
Prospective borrowers from Colorado Springs can fill out our loan inquiry form to start the process. They’ll be connected with a network of third-party lenders.
Those who meet preliminary criteria will receive a tailored loan offer. Upon acceptance, borrowers can get their cash within as little as 1-2 business days.
Bad Credit Loans in Colorado Springs
Having a poor credit score doesn’t automatically disqualify borrowers from getting installment loans. Some lenders in Colorado Springs consider proof of consistent income instead of credit score, so bad credit borrowers can still get loans.
However, note that borrowers with bad credit may face higher interest rates or smaller loan amounts. Remember to review all terms carefully before accepting an offer.
Relevant Colorado Laws Regarding Installment Loans
Colorado has specific lending laws in place to protect consumers. Here are a few key regulations to keep in mind when exploring installment loans:
- Maximum APR by loan size:
- For supervised loans up to $1,000, lenders may charge up to 36 % APR.
- Amounts between $1,001 and $3,000 are capped at 21 % APR.
- Balances over $3,000 may be charged up to 15 % APR.
- No prepayment penalties: Borrowers can fully or partially repay the loan at any time without incurring extra fees.
- Minimum loan term: Supervised consumer loans must run for at least six months.
- Supervised lender licensing required: Lenders must be licensed under the Colorado Consumer Credit Code by the Department of Law’s Consumer Credit Unit.
- Finance charge calculation rules: Colorado requires finance charges to be computed on actual unpaid balances. No advance or compound interest allowed.
Actual terms may differ depending on the lender’s policies and your qualifications, so be sure to ask questions before accepting a loan offer.
Conclusion
Installment loans can be incredibly helpful when unplanned expenses arise. With fixed monthly payments and a clear repayment schedule, they offer more structure than other short-term options.
Whether you’re dealing with car repairs, medical bills, or other sudden costs, you can start the process today!
FAQs
Who Gives the Best Installment Loans?
There’s no single “best” lender, as the right fit depends on your financial situation, credit profile, and loan needs. To explore multiple options, fill out this form today and connect with a network of trusted third-party lenders.
What Happens if You Don’t Pay Installment Loans?
Missing payments or defaulting on an installment loan can lead to late fees, damage your credit score, and possible collection activity.
Some lenders may take legal action depending on the loan agreement and state laws, so make sure to contact your lender if you anticipate difficulty with repayment.
What Is the Difference Between Installment and Payday Loans?
Installment loans are repaid over time in equal monthly payments, often with lower interest rates and longer terms. In contrast, payday loans typically require full repayment by your next paycheck and often come with higher fees and shorter repayment windows.
