Installment Loans in Colorado Springs, CO

When the car needs a $1,800 repair or an urgent household expense comes up in Colorado Springs, an installment loan lets you borrow a fixed amount and repay it in equal monthly payments over several months or years. Our local directory lists 15 licensed branch offices operated by 7 lending companies in Colorado Springs, CO. The largest networks in Colorado are ACE Cash Express, OneMain Financial and Check Into Cash. Every licensed installment lender in Colorado Springs must follow the Colorado Uniform Consumer Credit Code, which is enforced by the Colorado Office of the Attorney General, Administrator of the Uniform Consumer Credit Code and caps the all-in APR on a $2,000 loan at 36% or less. Specifically, the maximum all-in APR on a $2,000, 24-month installment loan in Colorado is 31%.

Your CU Partner is a free, independent educational resource, not a lender or loan broker, and we do not make loan decisions. According to the U.S. Census Bureau, the median annual household income in Colorado Springs is $88,733. Typical renters in Colorado Springs also face a median monthly rent of $1,666. Even with Colorado's rate cap protecting Colorado Springs borrowers, upfront origination fees and optional credit insurance can still increase your monthly bill, so always read the Truth in Lending disclosure box before signing and compare local finance company offers with credit unions serving Colorado Springs.

The table below shows the addresses, phone numbers, business hours, and Google ratings for licensed lenders in Colorado Springs, CO. We list these licensed businesses neutrally for your convenience and do not endorse, rank, or recommend any company. Before visiting a Colorado Springs branch, call ahead to confirm office hours and required documents, and verify the lender's license with the Colorado Office of the Attorney General, Administrator of the Uniform Consumer Credit Code or on NMLS Consumer Access (nmlsconsumeraccess.org).

Understanding how a monthly loan payment fits into a Colorado Springs budget starts with looking at dollars rather than percentages alone. At the Colorado maximum APR of 31%, a $2,000 installment loan repaid over 24 months has a monthly payment of $113. Over the full 24-month schedule, the total interest and mandatory fees on that loan equal $709. Based on U.S. Census Bureau figures, the median annual household income in Colorado Springs is $88,733. A monthly loan payment of $113 equals 1.5% of a typical Colorado Springs household's gross monthly income. That payment must fit alongside a median monthly rent in Colorado Springs of $1,666. For other loan sizes in Colorado, the maximum all-in APR is 72% on a $500, 6-month loan and 21% on a $10,000, 60-month loan. By comparison, a federal credit union Payday Alternative Loan (PAL) under NCUA rules lets eligible members borrow $200 to $2,000 for 1 to 12 months at no more than 28% APR plus a maximum $20 application fee, and many federal credit unions are capped at 18% APR on most other personal loans ($100 per month and $396 in total interest on $2,000 over 24 months).

1. Government-issued photo ID and minimum age of 18. To apply for an installment loan at a licensed branch in Colorado Springs, you must be at least 18 years old, which is the minimum legal borrowing age in Colorado. Bring an unexpired state driver's license, state ID card, or U.S. passport so the staff can verify your identity.
2. Proof of income and proof of Colorado Springs residence. Branch underwriters check your ability to repay by reviewing recent pay stubs, tax returns, or benefit award letters along with a utility bill or lease agreement showing your Colorado Springs address.
3. Active bank account information and credit check questions. Bring a voided check or bank statement showing your account and routing numbers if you want loan proceeds deposited electronically or plan to set up monthly payments. Ask the loan officer whether the lender reports on-time payments to the major credit bureaus, as many licensed installment lenders report payment history.
4. Signing the contract, receiving funds, and confirming your first payment date. Once you confirm that any unwanted add-ons are removed and the APR complies with the Colorado cap, you sign the loan agreement and receive your funds by check, prepaid card, or bank deposit. Make sure you leave the Colorado Springs office with a complete paper copy of your contract showing the exact dollar amount of each monthly payment, your first payment due date, and confirmation that you can prepay early without penalty.