Will Bad Credit Stop Borrowers From Getting an Installment Loan?
Not at all. Third-party lenders usually focus on your income and repayment ability, not just your credit score. You may qualify even with a low credit score.
Note that bad credit loans might come with higher fees or APRs, or lower borrowing limits.
Relevant Colorado Laws Regarding Installment Loans
Colorado’s HB 23‑1229 strengthens borrower protections under the state’s Uniform Consumer Credit Code, particularly for loans up to $1,000.
Key points every Denver borrower should know:
- Minimum six-month term with equal payments
- Origination (acquisition) fee capped at 8% of the loan amount
- Monthly handling fees tiered by loan size (for $100–$1,000):
- $100–300 → $8.50/month
- $300.01–500 → $11.50/month
- $500.01–750 → $14.50/month
- $750.01–1,000 → $17.50/month
- No delinquency (late) fees allowed
- Borrowers are limited to one refinance per year
Since July 1, 2024, Colorado opts out of federal rate preemption under DIDMCA. This means even state-chartered banks from other states must follow Colorado’s fee and rate limits for loans “made in” Colorado.
Conclusion
Facing a sudden bill or urgent short-term financial need? Denver’s installment loans are a solid solution.
They come with clear repayment plans, regulated limits, and lender accountability. Even if you have low credit, you may still be able to access funds through income-based approval.
Residents can easily compare offers, verify terms, and receive cash in as little as one to two business days—all while being protected under Colorado law.
Ready to see your options? Fill out an inquiry form today to find an offer that works for you.
FAQs
How Do Credit Card Loans Differ From Ordinary Installment Loans?
Credit cards are revolving debt with variable interest and minimum payments. In contrast, installment loans are fixed-term, with set monthly payments until full repayment.
Who Does Installment Loans Near Me?
To find lenders near you, complete our easy online inquiry form and wait as your request is reviewed by third-party lenders. They’ll get in touch with an offer tailored to your needs.
How Long Do Installment Loans Stay on a Credit Report?
Paid-off installment loans with good payment history typically remain on your credit report for 10 years. However, negative information like late payments will usually stay for 7 years from the date of delinquency.
