Ohio Payday Loans may help


alyssa2What are Ohio Payday Loans?

Payday Loans in Ohio are loans deposited into your checking account, sometimes within two hours of applying, if you are approved for a loan amount for $100 or $1,000 and anywhere in between, that is due in most cases on your next payday.

Why could I need an Ohio Payday Loan?

You are the best person to decide if you need a payday loan. Whether a single mother or father, a family or an individual or customer without children, you know your circumstances better than anyone. Emergencies can’t be planned for. Whether it’s a burst pipe or a fender-bender and a vehicle that needs to be fixed so you can go to work tomorrow. Maybe it’s a visit to the urgent care or a cracked window or a heater that needs to be fixed to keep your family warm. If you need money now, and you can’t wait until your next payday, a payday loan may be your answer.  It’s fast. It’s easy. Just apply here.

  • Time it takes to apply-2 minutes for most people.
  • Cost to apply-free.
  • Fax required-No.
  • Walk in to sign-No. Online application.
  • Long wait for your cash after approval-No. Deposited in your account sometimes in two hours.
  • Bad credit or no credit ok-Yes.

What do I need for a Payday Loan?

  • To be 18 years or older
  • To have a checking account
  • To be employed

When is the loan due?

Payday loans are typically paid back on your next payday. Another payback option is sometimes available.

What’s more expensive-payday loans or late fees?

In some cases, you can save money with a payday loan rather than a late fee. See the chart below:

Common Financial Situations
APR (Annual Percentage Rates) by $100 Average
InterestImage

Fees:

The average payday loan is between $300 to $500, however they can be as low as $100 and as high as $1,200. Depending on local laws, fees range between $15 to $30 per every $100 that is borrowed. The total amount borrowed and the fees are typically withdrawn from your checking account on your next payday, but sometimes extensions can be made.

APR:

Depending on the amount of the loan and the length before repayment, the APR for Payday Loans range from 547.5% to 999.45%. The larger the loan and the shorter the payback period, the lower the APR. These loans are short term, only meant to be typically 2 weeks. If you annualize other fees just like a payday loan, you will find that the APR of Payday Loans can actually be more expensive. For example, if annualized, and considering a $32 bounced check charge the APR of a bounced check is 2336% for a $100 check. Please see the above chart for more information.

Implications of non-payment, including financial implications (whether fees are charged and/or interest rates are raised):

The interest rate may be raised or a default fee can be charged for not paying your loan on time. We recommend you immediately contact your direct lender if you are not able to pay on time. Each individual lender has their own interest and fees policies. Only your lender can provide you with information about your specific fees and rates.

Collection Practices:

If the loan is not paid or becomes delinquent, collection attempts are first made internally via phone call and arrangements are attempted. The situation of the borrower is considered and every attempt at a reasonable outcome is considered. If collection is not remedied in this manner, a collection agency may be contacted in an attempt to recover the funds.

Potential impact to users’ credit score:

Payday loan lenders may use a credit agency however in most cases, the borrower’s score is not affected. However, the Lender may submit the borrower’s request for the loan and especially with nonpayment, the lender has the discretion of reporting to the credit agencies, typically Equifax, Experian or Transunion. Lenders may also rely on their own scoring, based on income, ability to pay and the payment history of the borrower with previous payday loans.

Renewal policy information, including if the renewal is automatic and if there are fees associated with the renewal:

Payday Loans are typically required to be paid back on the next payday of the borrower. Please consider carefully if you can afford to budget responsibly and pay the loan back on the required due date. Most lenders allow you to renew or repurchase the loan, but there will be fees associated with the renewal. We do not recommend you get into a cycle of borrowing more and more to pay back previous loans.

If a payday loan in Ohio can help you, apply here!

You have nothing to lose; there is no cost to apply. Apply here.