Online Payday Loans Can Help Ends Meet

Online Payday loans help a lot of people get the cash they need for all kinds of expenses and bills. Many consumers have credit rating scores that prevent them from owning credit cards or having a line of credit at a bank or finance company. Buying food and paying bills can be made easier by borrowing from a lender who understands these conditions and is ready to work with consumers experiencing cash flow issues.

Fast, Simple, and No Standing In Line

When a lot of consumers need fast cash, they go to companies that can loan money to fulfill that need. Unfortunately, the borrowers spend time filling out forms and waiting in line to have their Payday loan approved. Dealing with strangers and giving out personal information can be a little uncomfortable for a lot of folks and that’s where an online Payday loans Colorado makes a big difference. In addition to having an easier time filling out the forms is the added value of doing everything from the comfort of home. All it takes is a computer with an internet connection. If there is no access to the internet at home, consumers can go to a local library or other public location to submit information online. Just be careful using a public computer and don’t leave any open web pages containing personal information.

What Information Is Needed

Online payday loans are the same as many other forms of credit. Lenders need information to make a decision. Borrowers should have the needed information available and ready to submit either filling in the form questionnaire or for submission to the lender using PDF files. Since most smartphones today have apps that can take a picture or make a PDF copy of a document, the submission process is much easier and faster than it was a few years ago. Here is a list of items to have ready to submit an online payday loan application:

Personal Identification –

• Driver’s license – a valid and current driver’s license should be provided.
• Social Security card – a copy of the social security card to verify identity as well as to confirm tax information
• Passport – in cases where a driver’s license or other form of identification is not available or for non-citizens.
• State ID – many states issue identification cards in place of driver’s licenses or other forms of government-issued ID.
• Military ID – can be substituted for driver’s license or passport.
• Certificate of citizenship – for Naturalized citizens to prove legal presence in the country.
• Government-issued photo ID – provided for government employees and others employed by state and federal offices.

Proof of Address

• Utility bill – current billing notice with name, address, and date visible.
• Copy of Lease agreement – establishes mailing address for receipt of documents.
• Copy of Home or Auto insurance policy – current billing notice with name, address, and date visible.

Verification of Income

• Paystub – latest paycheck information stub.
• Bank Statement – usually two to three months of bank statements starting with the latest statement.
• W-2 Tax Forms – form issued to employees indicating annual gross income and taxes paid.
• Copy of Income Tax return – establishes gross and net income amounts.
• Verification from Employer – a letter that states the nature, term, and expected continuance of employment

Self-Employed Verification of Income

• 1099 Tax Forms – received from part-time and contract employers establishing annual amount paid to self-employed.
• Bank Statements – usually two to three months (up to twelve months) of bank statements starting with the latest statement
• Copies of Income Tax returns – usually one or two years of tax return information to establish annual income amounts.

Colorado Online Payday Loans

Online Payday loans in Colorado are different from payday loans in other states. Colorado voters recently decided to put a cap on the interest rates Payday loan companies can charge. In Colorado, Payday loans are limited to an annual percentage rate (APR) of 36% with a maximum total loan amount of $500 per borrower. Loans for less than $300 can be charged a 20% set-up fee and loans over $300 can charge an additional 7.5% for each $100 borrowed. Due to these changes, many payday loan companies have closed their storefronts, making online Payday loans the best resource for getting a Payday loan.