Emergencies happen, but for many, even the smallest crisis can become a tragedy because they simply don’t have the finances to help them weather the storm. This is when people with no credit or low credit succumb to payday loans and get trapped into lengthy debt cycles.
It is essential to understand that a payday loan is a temporary fix that puts you in a much worse position over time. Like much of the United States, payday loans in Denver are extremely high-interest.
If you don’t have good credit, a payday loan might seem like your only choice—but it isn’t. There are safer loan options that you can choose instead.
Getting A Cash Advance In Denver
A payday loan with a bad credit score will only dig you into a deeper hole if you can’t make the payments on time. Here are the cash advance options you can choose from instead of taking payday loans in Denver:
Instacash
Max Advance Amount: $250
APR: 0%
Credit Affects: None
MoneyLion’s Instacash service offers you an advance on the money you’ve already earned. It’s a safe and cheap alternative to unsecured, short-term, high-interest payday loans that have to be paid back as soon as you get your next paycheck.
With Instacash, you can get up to $250 without any interest, monthly fees, or credit checks and you can use it for free with Roar Money or any other bank account.
MoneyLion will assess the current account you link and deposit the amount you’re eligible for within a couple of days. You can also pay a small fee to get the amount deposited instantly.
MoneyLion won’t report your use of Instacash to any credit bureau, so you don’t have anything to worry about, even if your credit score isn’t the best.
How to Qualify for Instacash:
- You are 18 years of age or older
- You have access to steady deposits or an income
- You have a bank account that’s been functioning for 60 or more days
- You have a positive balance in your bank account
In-Person Loan
Max Payday Loan Amount: $500
APR: An average of 129% in Denver
Credit Affects: Payday loan lenders don’t generally pull credit, but they do report late payments to credit bureaus, so your credit can get adversely affected.
The maximum amount you can borrow through payday loans in Denver is $500, and the minimum is $100. You have to make regular payments every month for six months to pay the loan off. If you’re unable to make timely payments, your credit score will suffer.
To qualify for a payday loan in Denver, you will need:
- A government-issued ID
- A checking account that’s active
- A Social Security number
- Proof of income
- An active and valid email address if you’re applying online
- A personal check if you’re applying in-store.
Instant Loan Options In Denver
Instacash has a limit of $250, but there are other loans you can go for that will safely provide you with a bigger sum of money. Read on to find out about your instant loan options in Denver.
Credit Builder Loan
Loan Amount: Depending on MoneyLion’s discretion, you can be eligible for up to $1,000
APR: 5.99% to 29.99%
Credit Affects: Credit Builder Loan users can improve their credit scores by up to 60 points in just 60 days!
With the Credit Builder Plus membership offered by MoneyLion, you can apply for an installment loan right from your mobile device.
You’re eligibility is based on your banking history, not your credit score. In fact, even if you have low or no credit you could qualify for a Credit Builder Loan. If you are approved, a potion of your loan will be deposited into your account.
A portion of your loan will remain in your Credit Reserve account, which gains interest on a reserved portion of your loan. Once you pay the loan off completely, you can access this amount plus keep the interest earned! Think of this as a built in savings account while you get the cash you need today, build credit, and save all at once.
The membership has other benefits as well — such as 0% APR Instacash access, weekly credit updates, spending reaps and more.
How to Qualify for a Credit Builder Loan
Applying for a Credit Builder Loan is simple if you meet the following criteria:
- Be 18 years of age or older
- Have a Social Security number
- Have a current bank account
- Be a citizen or permanent resident of the United States.
Your bank account has to meet the following requirements:
- It needs to be a checking account with a positive balance
- It needs to have been open for at least 60 days
- It needs to have a detectable deposit or income stream – this can be W2 employment ot other steady deposits
Comparing Your Cash Advance Loan Options In Denver
Whether you’re facing a financial emergency or just need some cash to tide you over for a while, you have several loan options to look out for. These include:
| Instacash | Credit Builder Loan | In-Person Payday Lender | |
| How Much Can You Borrow? | $250 | $1,000 | $100-$500 |
| Fees & Interest | Free 0% APR | Competitive APR$19.99/month fee | An average of 129% APRA fee of $20 per $100 for the first $300 and then $7.50 per every additional $100. |
| Impacts Your Credit? | No | Yes, it builds your credit score. | There’s no harm to credit if you pay on time, but your credit score suffers if you make late payments. |
| Availability | Online & Mobile | Online & Mobile | Online and in-person |
| Wait Time | Instantly* | Instantly | Instantly |
| Next Steps | Sign Up | Sign Up | Get in touch with lenders to fill out the application. |
Sign Up For MoneyLion’s Credit Builder Plus Membership To Avoid Payday Loans in Denver
While you have several borrowing options to consider, none of them can measure up to the ease of using Instacash for advances on your paycheck.
MoneyLion’s Instacash services and Credit Builder Loans will keep you going even in times of financial difficulty. Choose a better future by avoiding payday loans that will immerse you in a debt cycle.
Many people have low credit scores, but that doesn’t mean you should have to settle for subpar lending. Learn how to secure your financial position with MoneyLion today.
