Looking for an Unsecured Personal Loan in Colorado?
Short on cash and need money fast — even if your credit score isn’t great? Finding a personal loan with bad credit can be challenging, but it is not impossible when you have the right information. Loans Now can provide you with that information. Our How it Works page explains the process we use to assist you in receiving the money you need as well as how we differ from typical loan-finding services, including our online Loan Discovery Program that can get you started in just 60 seconds. Don’t let your less than great credit score keep you from fixing your situation; we work with most credit scores, starting at 450.
Even if you had a low credit score a couple of months ago, or if your bad credit has caused you to pay higher interest rates in the past, you should still complete our questionnaire. You would be surprised how often people discover their credit score is actually higher than what they thought it was. Two or three months of good repayment habits could be just enough time to raise your credit score to the point where the interest on a new personal loan would be lower than you were previously approved for.
Unsecured Loans for People with Bad or No Credit
We have a lot of experience working with people with bad credit, and we have lenders within our network that provide unsecured personal loans to people who find themselves in tough situations. A dedicated team member will be assigned to you — you, not your credit score! We take into consideration every factor of your situation and work with you to find the best option to get you the money you need fast. If you are in need of financial assistance and have any of the following weighing your credit score down, we can help.
- High credit card debt
- Medical bills
- Account charge-offs
- High overall credit utilization
These are all things that could be holding your credit score hostage, causing you to face the mistakes or issues of the past repeatedly, and for several years after they occurred (bankruptcy alone remains on your credit history for 10 years). But what if you don’t know your credit score? Part of the Loan Discovery Process requires you to check your credit score so that you can provide us with this information — we do not do an initial credit check in an effort to protect your credit score, which has struggled enough.
Winters in Colorado
Colorado may have a vibrant economy thanks primarily to its tourism industry, but the average annual income is only $32,000 a year. The cost of living is lower than in states like New York or California, but Coloradans could be encountering difficulties if they are trying to pay for emergency repairs to their heating systems or unexpected medical bills. This can be especially so for someone with damaged credit. It can get rather cold in the winter and a working heating system is vital to surviving the snowfalls in Colorado. An unsecured personal loan may be needed to help cover the cost of repairing or replacing a broken HVAC system, and we can help you afford those repairs.
Living in a state that receives anywhere between 20 and 40 inches of snow a year, many native Coloradans find that they have the desire to escape the frigid weather for a change, to go somewhere warm for the winter. A trip to Australia or South Africa is beyond the financial capabilities of most residents; even a trip to Hawaii or Florida — fellow American states — is outside of their ability to pay for. If you would rather see sun than gray skies; sand instead of snow, then consider taking out an unsecured personal loan. This would allow you to swim in the ocean at a time of year when you would normally be skating on ice, and give you enough time to pay off the loan; just in time to take another winter vacation.
Colorado Laws and Regulations for Bad Credit Personal Loans
Some states have limits and restrictions on consumer financing in their constitutions. Colorado, however, is not one of them. While there are several interesting items in the state’s constitution, such as a ban on nuclear detonations (established during the US military’s weapons testing) and term limits for US legislators representing the state, Colorado has chosen to establish their usury laws within the state’s statutes (usury laws are those that prevent outrageous lending practices, mostly in terms of finance charges). This gives the state legislature a little more flexibility to adjust the maximum interest rates as needed; a constitutional amendment to do the same is a more complicated process.
Title 5 of the Colorado Revised Statutes establishes the interest rates permissible on personal loans. If there is no formal, written agreement pertaining to a loan or its interest rate, then the rate is set at an automatic 8%. In the presence of an agreement, the state has put a cap on finance charges at 12% (business loans can go as high as 45%!), meaning that lenders can charge no higher than the 12% on the principal per year. This is on par with several other states in the country, keeping Colorado competitive in the consumer financing industry and the state’s economy strong.
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Colorado Personal Loan for Bad Credit Lending Regulator
The Colorado Attorney General’s Office regulates any individual or financial institution that participates in the consumer finance industry. The Uniform Consumer Credit Code is the law the state uses to monitor lending institutions, the act of which is the responsibility of the Administrator assigned to its execution. He or she issues or rescinds licenses and investigates complaints involving lenders.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K