Installment Loans in Augusta, Ohio

What Are Installment Loans?

Installment loans are an increasingly popular form of lending in Augusta, Ohio, and beyond. These loans are paid back over time in a series of regular payments. Installment loans are different from other forms of lending, such as payday loans, which are typically paid back in one lump sum on the borrower’s next payday.

The regular payments on an installment loan are usually smaller than the payment on a payday loan, making them easier to manage for many borrowers.

How Do Installment Loans Work?

The process of taking out an installment loan is relatively straightforward:

• The borrower applies for a loan.
• The lender reviews the application and determines whether to approve the loan.
• If approved, the lender and borrower agree on the loan terms, including the repayment schedule and interest rate.
• The borrower receives the loan funds.
• The borrower pays back the loan in regular installments per the agreed schedule.

It’s important to note that borrowers who have a poor credit history or low credit scores may be charged a higher interest rate or may not be approved at all for an installment loan.

Are Installment Loans Legal in Augusta, Ohio?

Yes, installment loans are legal in Augusta, Ohio, and regulated by state laws. The Ohio Short-Term Loan Act governs all short-term lending in the state, including installment loans. According to the act, the maximum loan amount for installment loans is $5,000, and the loan term can range from six months to five years.

Why Are Installment Loans Popular in Augusta, Ohio?

Installment loans are popular in Augusta, Ohio, and other parts of the state for several reasons, including:

• Lower interest rates compared to payday loans and other forms of short-term lending
• Flexibility in repayment terms, such as the length of the loan term and the amount of each payment
• Availability to borrowers with less-than-perfect credit histories or low credit scores
• Ability to borrow larger sums of money than with other forms of short-term lending

Interesting Facts and Statistics About Installment Loans in Augusta, Ohio

• According to a 2019 study by Pew Charitable Trusts, a non-profit organization, more than 12 million Americans take out installment loans each year.
• In Ohio, the average APR (annual percentage rate, or interest rate) for installment loans is 134%, according to a 2020 report by the Center for Responsible Lending, an advocacy group.
• The same report found that nearly 75% of all payday and installment loan stores in Ohio are operated by out-of-state lenders.

Apply Now for an Installment Loan in Augusta, Ohio

If you’re in need of quick cash and are considering an installment loan in Augusta, Ohio, look no further than TheGuaranteedLoans. As a connector service, we can help you find potential lenders who can provide you with an installment loan that fits your needs and budget. Simply fill out our online application form to get started today.

It’s important to remember that TheGuaranteedLoans is not a direct lender and does not provide loans directly to borrowers. Rather, we connect borrowers with potential lenders who can provide the loan products that suit their needs.