Across the state of Colorado, as well as the entire country, more and more people are living paycheck to paycheck. This is one of the primary reasons for the recent popularity of cash advance and payday loans.

Cash advance loans are small, simple loans, usually written for a very short period of time (under one month). They can come in quite handy in the unfortunate event of an unexpected financial emergency.

Let’s say that you realized some steal was popping out through one or two of the tires on your car! You know that it’s very unsafe to drive for you, your passengers, and anyone else driving on the road. You won’t be receiving your paycheck until next Thursday, when you will have the extra money to pay for the new tires. What can you do?

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This is a prime example of a cash advance situation. By simply contacting a cash advance or payday lender, you can have the money you need quickly and easily, without worry of your credit score. Cash advance lenders utilize your paycheck instead of your credit report to decide how much of a loan you’re entitled to.

The state of Colorado has implemented some laws for the payday loan industry to protect all involved parties:

The loan period cannot exceed 40 days.
Assessed fees cannot be more than 20% of the first $300 (or $20 per $100) and 7.5% of the next $200 (or $7.50 for each $100).
One rollover or refinance is allowed for each cash advance.
Only one loan may be out at one time per customer.
If repayment is made via personal check, returned check fees (including court and legal costs) may not exceed the original loan amount.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.