Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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When you need a little extra cash and your credit isn’t perfect, you may benefit from a short-term loan. We work to clear away the mystery of short-term lending and give you the information you need to make an informed decision.
All short-term lending in the state is governed by Colorado Revised Statutes 5-3.1-101 et seq. This means you can’t borrow more than $500. Loan terms are long, lasting a minimum of six months. Colorado law limits the amount of interest a lender can charge, capping the annual percentage rate (APR) at 45%.
He applied online for a loan of $300, which would be broken into payments over the next six months. Before he signed the contract, the lender made it clear that there would be a $7.50 fee per $100 borrowed every month the loan was outstanding.
Each month his account was automatically debited the scheduled amount. Del was able to pay his medical bill and budget for the relatively small payments to his lender every month without any trouble.
Before you apply, remember that all lenders have the same basic eligibility criteria: you’ll need to be at least 18 years old, a US citizen or permanent resident and have a regular source of income.
When you start filling out an application, you’ll be able to make the process faster if you know your basic personal information and have some important documentation with you.
Short-term loans can’t exceed 45% in their APR. That means the total you have to pay back in principal and interest can be no greater than 45% of the initial amount of the loan. It may seem high, but when you compare it to other states where the APR is allowed to reach hundreds of percent, you’ll see that the cap is a benefit to consumers.
The most important thing you can do is read your contract before you borrow. Lenders are required to state exactly how much you’ll need to pay back over the course of your loan, so familiarizing yourself with the fine print is the best way to prevent unexpected charges.
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