Payday loans can really save you in a pinch. It is easy to apply for and you’ll likely receive cash within 24 hours. Since the loan term is only around one or two weeks and the amounts are generally small, they are relatively easy to pay off as long as you ask for a reasonable amount.
Payday loans: Wyoming
One of the best things about payday loans in Wyoming is that there is no limit to how much money you can take out, giving you access to funds you would not normally have until a later date. That way, you can use them for just about anything.
Another great benefit is that no post-dated check finance charge will exceed $30 or 20 percent per month of the principal balance so fees are generally low.
Normally, loan terms will be only one or two weeks but in Wyoming the time you have to pay may be up to one full month depending on the amount needed. This gives you more flexibility and more time to pay on time. This is why taking out a pay day loan in Wyoming is a simple, flexible, and easy process.
Payday loans: Colorado
Laws regarding payday loans vary from state to state. Colorado is likely one of the safest states to take out a cash advance due to restrictions on interest rates and fees.
For example the finance charge on the initial amount loaned may not exceed 20% of the first $300. This means, for example, that if you were to take a loan out for $300, the maximum fee would be only $60.
Due to the short period which the loan term is given out, and the small amounts that can be loaned, interest rates tend to be a little higher than most loans. In Colorado, interest rates can only be a maximum of 45% per annum of each loan.
But it is likely that the interest rate will not be an issue as long as your loan is paid on time. In Colorado, if the loan is prior to the maturity of the loan term, a prorated portion of the interest rate will be refunded to the borrower.
Another thing to be noted is that in Colorado, the maximum amount that can be taken out per loan term is $500. It is just high enough to take care of most emergencies, and low enough to make sure that you will be able to pay it off by your next pay check. That is what makes payday loans a very safe and convenient way to get emergency funds in Colorado.
When in an emergency situation where you need cash fast, the fees and interest are more than worth it. Compared to other loans, they are quite affordable.