Everything you must know about loans in Colorado

Posted on jun. 10 2022 By: Oneblinc 5 min. read

Every month, you have fixed expenses, but sometimes you need extra money to pay unexpected bills. That’s why you must know everything about loans in Colorado to choose the best Option and be prepared.  

A loan can be a lifesaver in many situations, such as medical bills, travels, home and school expenses, car repairs, relocations, and more. Each loan can help you in a certain way, but which one has the appropriate payback method for your income? Keep reading to find out! 

Loans in Colorado

Payday loans in Colorado are one of the options available to  you. The application can be done online. If you are qualified, the money is released in just a few minutes. This loan is also called a salary loan because the amount lent depends on your income. 

That means the money will be based on your salary because you must be able to return it to the lender in your next paycheck. Usually, if you don’t have enough money to give it all back, you need to pay a fee and continue the payment in the next month. In the end, interest makes it more expensive than it looks. 

If you need larger amounts of money and more time to pay it back, installment loans in Colorado can be an alternative. In this type, you don’t have to return the money at once, but in scheduled payments, according to the contract (monthly, weekly, bi-weekly). 

You just need to pay attention to avoid missing payment dates. If you forget it, the lender can inform it on your credit report, and you might be charged extra fees, which will increase the cost of your debt. It also can affect your credit score and your chances of getting another loan in the future. 

Colorado title loans are a good option if you want collateral. The most common type is a car title loan, which allows the lender to put a lien on your vehicle title and temporarily surrender a copy of it. It is a condition to exchange larger amounts used for college expenses, to purchase houses and other properties. 

Depending on the contract, you can also use a boat or a mobile home as collateral. Once you return all the money by scheduled payments, the lender takes off the lien, and you can recover the title.  

Dollar bills in a closer look.

How to get loans in Colorado

Now that you know a few types of loans in Colorado, it is time to get a few tips to be prepared to get yours! Take notes and use them in your research. It is important to pay attention to every single detail to avoid surprises. 

  1. Evaluate how much you really need: as the loan is based on your income, think of how much you can borrow and pay it without difficulties. There are loan calculators that simulate the payments and prepare you for them;
  2. Check your credit: some lenders will use a credit report as a requirement to see your last debts and draw your profile. However, you don’t need to worry, because there are loan options for people with bad credit in Colorado
  3. Choose a loan type and a lender before applying online: after you’ve made up your mind about what is best for you, it is important to read all the information the lender provides and apply by sending the documents;
  4. Provide documentation: every lender asks for different documents, but the main ones are bank statements, identification, and address proof. When you submit the application, additional documentation is requested, such as a pay stub.

Pre-approved loans in Colorado

A few groups are considered pre-approved for loans in Colorado. It means that you attend the pre-qualifications the lender requires. The analysis is determined by a few items each bank or institution chooses. Sometimes, it is exclusive for a period or related to your credit and financial history. 

Even if you are pre-approved, the lender can ask for more documents to complete the application. This step is just to confirm all the information and the eligibility due to obtaining a financial profile. 

Loans for Colorado government employees

At OneBlinc, you can be eligible for pre-approved loans if you are a Colorado government employee. That includes clerical workers, public health, postal service, and other jobs. 

With that special qualification, you can apply for loans up to $5,000 with competitive interest rates. As such, the total amount won’t be much more expensive and will be affordable.

Loans for people with bad credit

Here, at OneBlinc, the credit analysis is made with a risk assessment algorithm and it is not necessary to check the credit report. This is one of the online loans in Colorado with no credit check. That way, more people can count on us to pay bills and use the money however they want. 

Other technologies and alternative data can be used by all institutions to draw financial profiles. In the same way as a credit report, it will show the borrower’s ability to pay the debt.

Get a financial solution with OneBlinc!

Looking for loans in Colorado? Choose OneBlinc and get the best financial solution to pay unexpected expenses. If you don’t live in Colorado, don’t worry. We are licensed in 20 states and more are about to come! 

About us

Unexpected things happen more often than we would like them to. That’s why OneBlinc is here to help, whether you have an emergency or just need that extra cash to go through the end of the month. We believe in people, and we understand that everyone might need money someday, somehow.