Payday loans may be one of the only options available to Americans in times of immediate financial need or life-or-death circumstances. The CFPB, the Federal Trade Commission, and other federal and state regulators, however, have frequently alerted Americans about the risks of payday lending and imposed limitations on the operations of payday lenders due to the widespread deceit and predatory behavior in the industry. 700 dollar payday loans are based on your expected income from your upcoming salary. In other words, rather than using a third party funding source, you’re borrowing against your own potential future revenue.
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How do $700 payday loans work?
Either specialized payday lenders or more generalized lenders who also offer other financial services, make 700 payday loans. They are easily accessible online or in physical stores. Most payday lenders in Colorado will issue you a loan as long as you fulfill the following requirements:
- hold a functioning checking account
- declare a source of income
- guarantee proof of identity
- be at least 18 years old.
In order to establish whether you can truly repay 700$ loan, payday lenders typically don’t perform a thorough credit check or interview you. Loans frequently lead to a debt trap that is nearly impossible to escape since they are frequently made primarily on the lender’s ability to collect rather than your capacity to pay. Therefore, make sure you can repay the debt in a timely manner because a payday loan’s interest rate could be extremely high.
What are the terms and rates for a $700 payday loan?
Payday loan interest rates can be extremely high, sometimes reaching 500% annual percentage. Most states, including Colorado, have approved legislation limiting interest rates to no more than 35%. Payday lenders, who are excluded from these regulations, are permitted to impose higher interest rates. People who intend to take out such loans need to be cautious because they come with a lot of risks. Payday loan laws and regulations vary from state to state, and some states have outright prohibited these loans.
Although the federal Truth in Lending Act requires payday loan providers in Colorado to disclose finance charges, many borrowers are unaware of these fees. These 700-dollar loans are often given out for up to 30 days, allowing borrowers to meet their immediate financial obligations. Payday loans are available to borrowers for amounts ranging from $100 to $1500. Payday loan borrowers might occasionally turn into recurring clients.
What documents do I need to provide for a 700 dollar loan?
Before Colorado’s lenders can approve you for 700$ payday loan, they need to confirm a few essential details. Remember that while lenders will verify your information to make sure it is accurate, this won’t have an impact on your credit score.
- You must be at least 18 years old and a citizen of the US.
- You must be working right now and provide proof of your income from a job or another source.
- You need to have a current, open checking account with a bank, credit union, or prepaid card.
If you are eligible for a payday loan and meet the requirements, you should be able to obtain one. The following details will be required of you when completing 700 dollar loan application:
- Name, birthdate, and social security number are examples of personal data.
- Employment information, including employer, income, frequency of payments, and upcoming pay dates
- Bank Routing, account, and bank information for the account
You must choose how much money you want for your payday loan in addition to filling out your loan application. The loan amount in Colorado will range from $100 to $1,000 due to the fact that lending terms differ per state. There are certain jurisdictions where loan terms are limited to 30 days, while there are others where you may have up to 180 days. Check your state’s maximum loan duration to see how it stacks up.
Summary
Apply right away for 700 dollar payday loan in Colorado. Additionally, keep in mind that even if your application is granted and you meet all the requirements for a payday loan, you should only use these loans for urgent expenses. Consider asking for a different sort of financial help if you need more time to repay your current debt. The other options might let you spread out the loan installments past your next paycheck.