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Colorado Lenders > Colorado Springs

This page was last updated November 2018

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Lenders in Colorado Springs CO

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Credit Union of Colorado
3606 Austin Bluffs Parkway
Colorado Springs CO 80918
www.cuofco.org - 719.542.4816

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Ent Credit Union
123 S Weber St, Colorado Springs
CO 80903 - www.ent.com
719.574.1100

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Air Academy Federal Credit Union
4920 N Union Blvd, Colorado Springs
CO 80918 - www.aafcu.com
719.593.8600

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Pikes Peak Credit Union
1616 N Circle Dr, Colorado Springs
CO 80909 - www.pikespeakcu.com
719.473.5962

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Aventa Credit Union
2735 Dublin Blvd, Colorado Springs
CO 80918 - www.aventa.com
719.482.7600

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Public Service Credit Union
4750 Granby Cir, Colorado Springs
CO 80919 - www.pscu.org
800.437.7328

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First Technology Federal Credit Union
305 S Rockrimmon Boulevard
Colorado Springs CO 80919
www.firsttechfed.com

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A American Debt Consolidation
111 S Tejon St, Colorado Springs
Colorado 80903 - 719.329.0390

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One Thirteen Credit Union
3505 N Chestnut St, Colorado Springs
CO 80907 - www.113creditunion.com
719.632.7118

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Navy Federal Credit Union
5278 N Nevada Avenue Suite 180
Colorado Springs CO 80918
www.navyfederal.org
888.842.6328

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Bad Credit Loans in Colorado Springs CO

Fast Loan Pre-App Method
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Learn about GAP (Gift Angel Program)

 

Colorado Springs CO Lender Area Map

Colorado Springs CO Bad Credit Lenders Map - Initial Static Image

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Colorado Springs CO Loan App Volume

Top 5 Colorado Springs neighborhood loan app volume

  1. Eastborough
  2. Holland Park
  3. Rustic Hills
  4. Peregrine
  5. Pulpit Rock

Colorado Springs Cadet Training Area & Chapel: Licensing

Colorado Springs Bad Credit Loan Example (submitted by Samuel)

Samuel was living in Colorado Springs, and doing his basic training at the time of his loan application. He was having trouble making ends meet due to the fact that he had some prior debt on his credit cards, making it almost impossible to get ahead of it.

He had four credit cards balances at the time; Visa, Mastercard, and American Express. His balances were $3200, $2500, and $1500 respectively (rounded up) for ease of publication.

He income wasn't very much, and he didn't have wealthy parents or family members to help him pay off his debt. He felt like he was swimming in bad credit problems too.

His credit score was only 501 at the time of his pre-app submission with WeFindLenders.com. He was successful getting his loan applications submitted (of course), but in his case he ended up applying three different times before he was finally approved with a legitimate and licensed lender.

His APR (total cost of loan) was high because of his credit rating being so low, but at least it was lower than what his credit card APR was. Not a lot, but enough to make it worth his while. Also, he ended up with one payment, instead of three payments.

The lender he got approved with wasn't actually based out of Colorado Springs though - they're a nation wide lender who has a strong track record approving loans for bad credit applicants.

So Samuel borrowed a total of $10000 dollars over a 2 year term. The fact that he could spread his payments over a two year period made him happy because of the low monthly payments, BUT his total interest paid out to the lender was higher than ideal. See the calculation below:

• Loan Amount (principal) = $10,000
• Interest Rate = 13.27%
• Term Length = 2 year
• Monthly Payment = $476.69
• Total Paid Back = $11,440.50
• Total Interest = $1440.50

So let us take a closer look at Samuel's approved loan example calculation (shall we). His total monies paid back to the lender was $11,500 approximately, and his total interest was almost $1500 over the two year term. That's a lot of interest, and that doesn't include the total APR calculation, because it doesn't take into account closing fees, etc.

Sure, it's a much better deal that a horrible predatory payday loan, or crappy cash advance (thieves and rip-off artists), but compared to a legitimate bank or credit union loan from a reputable lending institution to a borrower with good credit, it's high.

Samuel was able to make all of his payments in full, and on time, so it wasn't too long before he was rebuilding his credit score. Let's just hope that in the future he learns to budget and manage his money better.

If you're living in Colorado Springs like Samuel, and need a loan regardless of your credit rating, we may be able to help you find a lender who can do business with you.

Sincerely,

Chris Somerset

Chris Somerset is a contributor to the WFL Project.

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Upgrades Nearest Colorado Springs CO

Job/Income Upgrades: Indeed / Monster

Education Upgrades: College / University

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Colorado Springs Credit Counseling

Colorado Springs CO Credit Counsellors Map - Initial Static Image

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Counselors contact us for listing removal or info change.

Cornerstone Credit Counselors
6295 Lehman Drive Colorado Springs
CO 80918 - www.debtstoppers.org
800.579.2414

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People's Credit Repair
5487, 6634 Abbeywood Drive
Colorado - Springs, CO 80923
www.peoplescreditrepair.com
800.485.9114

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Colorado Springs Assistance Programs

Food Bank: Care And Share / Address: 2605 Preamble Point, Colorado Springs, CO 80915 / Phone: 719.528.1247 Fax: 719-528-5833 / Hours: Monday-Friday 8 AM -5 PM

Hot/Cold Meals: Marian House Soup Kitchen / Address: 14 West Bijou Street, Colorado Springs, CO 80903 / Phone: 719.475.7314 / Hours: Monday – Saturday 10:30 AM – 1:00 PM Sunday 8:45 AM – 10:00 AM

Shelter In Case of Eviction: Springs Rescue Mission / Address: Number 5 West Las Vegas Street, Colorado Springs, CO 80903 / Phone: 719.884.2758 or 719.314.2398 / Hours: All nights. Doors open at 5 PM and close at 10 PM

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Usury Law for Colorado Springs CO

Summary of Colorado Usury Law(s) / Legal: 8% Contract: As set out in instrument except as limited by U.C.C. / Judgment: 8% / Corporate: No specific rate (read more on Colorado lending laws)

Complaint process for Colorado Springs residents:

Colorado Division of Banking / Contact: Physical Address: 1560 Broadway, Suite 975, Denver, CO 80202 / Phone: 303-894-7575 / Fax: 303-894-7570 / Colorado Division of Banking / Colorado Complaint Process

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WFL Loan Products

Colorado Springs residents struggling with bad credit can learn about our bad credit loan service, or if their credit is borderline they can learn about fair credit loan service. If you're deep in debt you can learn about our debt consolidation loan service.

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