Small Personal Loan With Bad Credit in Denver, Colorado – Fastest $900 ->> My name is T. Green and I live in Denver, Colorado but want to move up to Boulder. I work from home, so I don’t need to find a new job and have a good one working for an insurance company.
I need a 90 day loan but have bad credit, but really want to move before the new Sustainability Living Fair starts in two weeks.
I have a place lined up, but I need $900 to get moved there and settled in. I hate Denver because they don’t care at all about the environment and I want to go to Boulder where people are a lot more eco-conscious and reasonable about mother nature. This is important and I want to do it, but need your help.
Loan Officer Notes:
Small Consumer Loans For Entertainment Purposes
Getting a small consumer loan for the purpose of local (national) travel is more common than most people would imagine. Mr. Green’s application is a perfect example of this reason for borrowing. The applicant made it very clear WHY he wants a small loan, and he even went as far as to clearly point out he political beliefs. He also had some harsh words for Denver too, which I’m sure our readers will find interesting. He want to get away obviously, and he wants to borrow around 1K in order to offer the expenses.
The truth of course being that no lender really cares what you want a small consumer loan for. All they care about is the borrower paying back the loan on time, as per the legal agreement, and MOST important they want the profit they make from charging fiercely large fees, and the effective APR that creates such a profit. We tell all applicants to avoid payday loans, and the small consumer loan market if they can. That decreases our profits of course, but we also like to sleep at night. There are exceptions to the theme here because there are times when paying these high level APRs is necessary. In this case, our applicant in Colorado needs the cash to go to an event, and though that is not a necessity, it may be so important to the individual, that I guess it is arguably worth it.
Small Consumer Payday Loan Laws in Colorado
The laws set forth by the State of Colorado are not that much different than most States that allow PDL businesses to operate. Below is a quick excerpt of Colorado’s PDL laws;
In the state of Colorado a consumer is allowed to take out one payday loan at a time. The maximum amount is $500 that can be given for no longer than 40 days. A consumer has got a right to cancel the loan if it is not later than 5:00 P.M. the next day of the transaction. One rollover is allowed for a loan.
Not more than 20% can be charged for any payday loan up to $300. In case the loan amount is larger, extra 7.5% is added as finance charge. APR for $100 loan for a period of two weeks equates 520%. [Source]
PDL Applicant’s Loan Agreement After Approval
In this case the lender wouldn’t be able to get a loan for $900 – the maximum they can borrower is $500, and they can’t have multiple loans – however, I have seen some borrowers get multiple PDLs in Colorado. How they pulled that off, I don’t quite know. If you are in Colorado and know the answer to that question, please leave a not in the comments box at the bottom of the page.
In Colorado, the total maximum APR the lenders can charge is 20% for $300 and lower, and an extra 7% for amounts between $300 and $500. So we calculated the total APR for a $500 loan as approximately 30% total, which is what some lenders are actually charging anyway, if the truth be known.
- Loan Amount = $500
- Fee Per $100 = $30
- Term Length = 30 days (1 mo.)
- Fees Paid = $150
Total Effective APR = 390%
So as we always say in regards to PDL agreements using a $30/$100 fee ration, this is really too much to be spending for such a small consumer loan. Look for other options. Our applicant in this instance was bound and determined to get himself off to the event, and I suppose he would have realized after the loan was paid, that he paid dearly for his trip.
Always look for the lowest APR financing when seeking out small consumer loans – if you really must purchase this kind of lending product, make sure you pay it back in a week, make the amount as low as possible, and use a lender that charges no more than a 15% APR. [LL Cite] [Time-Stamp September 23, 2011 - 21:07:39]
Disclaimer: The views expressed by this author don't necessarily reflect the opinions of Lazerloan.com, it's owners, or it's affliates.
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