Ohio Payday Loans and Cash Advances
A payday loan is an emergency money advance to be used when you have no access to other – longer-term and lower-interest – crediting options. Their advantage is in the way they are universally accessible, can be issued for borrowers with problematic credit history, and you can get money – up to $1,000 – sitting in your account by tomorrow. At our website, we will give expert advice on how to mitigate the high costs of such loans and use them to your maximal benefit. We are also experienced in helping customers find the best payday loans in Ohio and get approved, bad credit history OK.
Are payday loans legal in Ohio?
Technically speaking, they are. However, they are not regulated by Ohio Rev. Code Ann. 1321.35 et seq. Short-Term Loan Act. Instead, they are issued under a different set of laws, the Ohio Mortgage Lending Act and the Ohio Small Loan Act. alternatively, a payday loan can be issued by any other crediting organization.
How to get a payday loan in Ohio
To qualify for a loan, you need to be 18 years of age or older and a U.S. citizen. If you wish to apply for a loan in Ohio, you need to be a resident of the state, according to the legislation. Borrowers are not allowed to apply for interstate loans.
Where do you apply for a payday loan in Ohio? There are several options, with numerous payday loan storefronts across the state, as well as multiple lenders working online. Typically, a lender has both a physical office and a digital presence.
Our website connects you with all of the most reliable Ohio payday loan lenders at once. When you submit your application through this website, it is automatically sent out to all top-rated lenders in the state, and most of them are ready to approve your application, even if you have a low credit score. Thus, you skip driving around, save time and get instantly approved – which means you can get up to $1,000 already today.
Leaving an application is easy. Provide your personal information using the questionnaire (we guarantee privacy!), attach the required documents (scans of your driver’s license, recent payslips, employment contract – if required by the lender), and wait for the approval for just a few minutes. The money will be deposited to the bank account you specified the next day.
What are the minimal and maximal loans I can count on in Ohio?
In the state of Ohio, borrowers can count on getting up to $1,000 while there are no lower limits on cash advances.
What motivates Ohio citizens to apply for a loan?
We list the most popular reasons to take out a loan cited by our Ohio consumers in anonymous polling:
- utility bills
- healthcare bills
- consumer expenses
- family emergencies
- traveling and vacations
- other
Users often ask us:
How many payday loans can you have in Ohio? How many payday loans can you have at once in Ohio?
The original loan needs to be divided into several installments before you apply for any other loan under the statutes regulating payday loan lending in Ohio.
How many refinances do you have in Ohio?
You can have a repayment plan and the lender is not allowed to incur any additional fees, making it a 60 days’ grace period.
Here is how you calculate APR for your loan
Let’s take this payday loan as an example, and we will explain the formula used for calculating its APR below:
- Loan Amount: $1,000
- Loan Term: 91 days
- APR (Annual Percentage Rate): 591%
- Total Repayments: $2,473.45
- Cost of Loan: $1,473.45
Step 1. Per day interest rate: APR 591% / 365 days in a year = 0,0161
Step 2. Interest rate for loan term: 0,0161 x 91 = 1,4734
Step 3. Applied loan cost: 1,4734 x $1,000 = $1,473.45
Step 4. Total repayment amount: $1,473.45 + $1,000 = $2,473.45
Do you still have any questions as to how you get a payday loan in Ohio overnight, or how you calculate the applied APR? Our customer support reps are there for you to answer any questions you might have, and provide practical help in a difficult financial situation!