It is short-term loan from a bank or another alternative. It is a convenient however expensive way to get some quick cash. There are many ways for a consumer to get a cash advance like payday loans, credit cards and they are also offered by banks. Borrowers from all financial backgrounds, even those who do not have a good credit check have the option to get a small amount of loan which can be paid back after a certain tenure and usually a high-interest rate.
Payday loans Colorado Springs are one of the most convenient ways to get a fast loan on a rainy day.
Payday loans in Colorado Springs CO 80829 Fast cash advance
The borrower takes a loan from a lender, the principal amount of the loan is usually a percentage of the salary of the borrower. The lender offers this amount at a high rate of interest and short tenure. Due to the high rates of interests payday loans are considered as an expensive option.
- Principal Amount – The principal amount in a payday loan is smaller than the traditional loans. It is usually a percentage of the borrower’s salary, however all the states have their set of regulations placed on the maximum amount that can be loaned to a borrower.
- Interest rates – The interest rates on a payday loan are very high as compared to the other loans. On an average an interest of around 15% can be charged weekly on the loan amount. The APR on these loans can go as high as 700%, due to which many states have put regulations and caps on the interest rates or other finance charges a lender is allowed to charge.
- Tenure – As these are short-term loans, the tenure can vary anywhere between 2 weeks to 4 weeks. States have defined their regulations on tenure as well where they may have defined the maximum period for which lending can be done.
- Rollovers – Rollovers are the option to extend your loan in case that you are unable to pay back on the due date. Lenders may or may not offer this to the consumers. The lenders who offer rollovers most of the times will have a finance charge attached to it. All states do not allow rollovers. The states that do allow rollovers will have some form of rules to be followed to ensure the protection of consumers.
- Use your debit card to withdraw the amount from your saving or checking account. For you to have this option it is very important that you should always do financial planning such that you have funds available for an hour of need.
- Use our credit card to withdraw a cash loan – Credit card companies provide their customer’s an option for credit purchase as well as cash withdrawal with a limit imposed on both. A credit card holder has a certain cash withdrawal limit on their card. The holder can withdraw this amount of cash using the credit card. The cash limit can differ from month to month depending on how much the credit limit is used. You can view these limits from your latest credit card statement.
- Consumers should check within their organizations for a possibility of salary advances. Many organizations these days offer salary advances which can be retrieved from employees in installments.
- Borrow the amount from friends or family.
- Services like PayPal etc. offer person to person transfers.
Payday Loans in Colorado Springs – 273 Austin Bluffs Pkwy, Colorado springs, CO 33181 Phone: (919) 408-7195