1. What do I need to qualify for a loan?

2. How much can I borrow?

3. How much does the loan cost?

4. How will I receive my money?

5. How do I make my monthly payments?

6 When will my payment be due each month?

7. What if I don't have a great Credit Score?

8. What if I do not repay my loan as agreed?

 

1. What do I need to qualify for a loan?

  • A checking account in good standing with your bank.
  • A physical check from your account.
  • An account transaction print out from your account for the last 30 days.
  • Your last two recent pay stubs from your employer.
  • A picture ID from Colorado.
  • Verification of residence such as a utility bill in your name.
  • Your active telephone number.
  • You must be at least 18 years of age.

 

2. How much can I borrow?

Colorado law sets the loan amount at a maximum of $500 or 25% of you gross monthly income, whichever is less. Loans are made in $100 increments up to the maximum of $500. Actual loan amounts are based on the information you provide. Your loan limit may change over time if your income changes or due to other changes in your financial situation.

 
 

 

3. How much does the loan cost?

If you are borrowing money from a lender licensed in the state of Colorado your maximum cost of your loan is set by Colorado state law. Direct on line lenders may charge you significantly more than these regulated rates.
Interest rate is 45% per annum simple interest.
An origination fee of 20% of the amount financed for the first $300 and 7.5% of the amount financed on amounts over $300 up to $500.
A maintenance fee of 7.5% of the amount financed up to a maximum of $30 per month, starting the second month of the loan.

 

 

4. How will I receive my money?

Generally you will receive cash at the time you originate the loan. In some cases you will be given a check from the store. This can be cashed at any USBank.

 

 

5. How do I make my monthly payments?

At the time of the loan your payment will be setup for payments to be made electronically from your checking account. If you choose, you may make cash payments at the store, or a combination of the two methods.

 

 

6 When will my payment be due each month?

Payments will be set up in six substantially equal installments, starting one month or more from the date you take out the loan. The actual payment date will be linked to your payday.

 

 

7. What if I don't have a great Credit Score?

Your credit score is not taken into consideration for your loan. However, if legal action is required to collect your loan, it could have a negavtive effect on your score.

 

 

8. What if I do not repay my loan as agreed?

If you are having trouble making an individual payment we encourage you to contact the store and explain your situation. It may be possible to work out some accommodation.

If you are 11 days late in making a payment you will be sent a Right to Cure letter as provided by Colorado Law. If you do not cure the default and bring your loan current, your loan will be turned over to an attorney for collection. Under Colorado law, once your loan is processed by the attorney, and a judgement is granted, you will be liable for attorney fees, court filing fees, and serving fees, in addition to the loan balance.

 

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