Colortyme Payday Loans Review

Colortyme Payday Loans ReviewColortyme is a name synonymous with affordable furniture, electrical appliances and computer brands minus the credit checks.

Now Hometown Colortyme offers payday loan services in select stores which is easy and hassle free. These services seem like they would be a blessing to those who need some quick cash for medical emergencies, accidents, or to pay urgent credit card, car repair or utility bills.

Short term cash advance loans are also quickly processed and funds are released on the same day. In most cases the borrower need not send documents through fax or mail as everything is done in a fast and efficient manner using latest technology.

Colortyme Payday Loans Review – First Things First

As credit card companies and conventional banks are tightening their lending procedures, it’s hard for first time borrowers to secure a loan while those who need quick cash also need to wait a long time before the loan is approved. Colortyme pay day loans are helpful in such cases and all you need to do is visit their store and check if they offer short term payday loans. Fill out the application form and before the request is processed you may have to submit a few documents as well and this includes your most recent pay slip to check and verify your source of income.

Requirements
For identification purposes you are asked to submit a copy of a valid driving license or ID issued by the state. A current copy of your checking account statement and checkbook is also mandatory; just make sure that the account is in your name. Further, they need a recent copy of any utility bill to verify your physical address.

The Process
Once these documents are submitted along with the application form, you are informed about their decision to approve or reject the loan in just few minutes. If approved, write out a check for the loan amount and a nominal service fee. All charges are explained by the Colortyme loan service representative, so there is nothing hidden. You could walk out with the cash advance and be relieved that urgent expenses are taken care of quickly. The check you just wrote out is not cashed out immediately and all borrowers are given a reasonable time frame to pay back the loan amount. In case of non-payment or delay the check is deposited.

Charges and Rates
Colortyme loan charges are fairly simple and for every $100 you borrow, they charge a fee of $15. Now if you think that is really, think again and consider these facts. In case of check bounce you might end up paying an average of $50-$55 penalty, if you’ve maxed out your credit card and unable to pay on time, you may need to pay a late fee of $25-$30. Further, if you’ve not paid any utility bill due to lack of funds, first you face further charges of up to $40. So think; paying a $15 fee is certainly better than paying much more and facing issues like a bad credit score and loss of utility services for some time.

Colortyme payday loans follow responsible lending practices and although there is a short assessment time to see if the borrower qualifies for a loan, there are several checks in place to ensure that the borrower is able to pay back the loan. Making informed decisions about lending are important at a time when loan defaulters are at large, so the Colortyme ensure that you don’t borrow more than what you can pay back considering the monthly paycheck, bills and existing loans. Colortyme is a good option for those who seek a reliable lender with relatively low service fees and if you find yourself in need of urgent cash due to unforeseen circumstances.

Living the paycheck to paycheck lifestyle is not a healthy trend and a clear indicator of poor financial planning or the inability to live within your source of income. Although payday loan services by Colortyme have a reasonably less rate of interest in comparison with other loan service providers, it is wise not to rely heavily on these short term loans that may seem very attractive at start but before long it may well turn out to be addictive and you may eventually end up in a debt trap.

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