Introduction:
When it comes to sudden financial emergencies, installment loans can be a quick and convenient solution. Installment loans are legal and popular in Ohio, including Buchtel. However, it’s essential to understand the details before entering into any financial agreement. In this article, we’ll take a closer look at installment loans in Buchtel, Ohio, and what you need to know as a borrower.
What are installment loans?
Installment loans are loans that are repaid over time, with a set schedule of payments. These payments are typically made on a monthly basis and include both the loan principal and interest charges. Installment loans come in various forms, with some of the most popular being personal loans, auto loans, and mortgages.
How do installment loans work in Buchtel, Ohio?
In Ohio, installment loans are regulated by the Ohio Revised Code (ORC) and the Ohio Administrative Code (OAC). According to ORC 1321.62, installment loans in Ohio can have a maximum term of 12 months, and a maximum interest rate of 28% APR. However, lenders can charge other fees, such as origination fees and late fees, which can increase the overall cost of the loan.
Who can get an installment loan in Buchtel, Ohio?
Most installment loan lenders in Ohio require borrowers to be at least 18 years old, have a steady source of income, and have an active checking account. Many lenders will also check credit history, although some lenders specialize in “bad credit” installment loans.
What are the benefits of installment loans?
- Quick and convenient access to cash
- Flexible repayment terms
- Can be a helpful solution for emergencies or unexpected expenses
- Opportunity to build credit history
What are the risks of installment loans?
- High interest rates and fees
- Default can result in additional fees and damage to credit history
Interesting Facts and Statistics
- Ohio has over 1,000 licensed installment loan lenders
- Ohio consumers borrowed over $16 billion in installment loans in 2019
- The average interest rate for Ohio installment loans is 25.67%
Apply Now
If you’re considering an installment loan in Buchtel, Ohio, TheGuaranteedLoans can help. As a connector service, we will facilitate your connection with potential lenders and walk you through the process. Our online application is quick and easy, and we work with a network of trusted lenders to find the best option for you. Remember, installment loans are a serious financial commitment, so be sure to read the terms and conditions carefully before signing any agreement.