Payday Loan 
Title Loan 
Personal Loan 
Business Loan When unexpected expenses arise or you need to make a large purchase, installment loans can be a great solution. And if you’re in Decatur, Ohio, you’re in luck, because installment loans are legal and popular in the state.
What are installment loans?
Before we dive into the specifics of installment loans in Decatur, let’s first define what they are. An installment loan is a type of loan that is repaid over a set period of time with a fixed number of payments. These payments are typically made monthly, and they include both principal and interest. Installment loans can be used for a variety of purposes, including paying off debt, making a large purchase, or covering unexpected expenses.
How do installment loans work in Decatur, Ohio?
In Ohio, installment loans are regulated by the Ohio Revised Code. The maximum interest rate for installment loans is 28% per year, and borrowers have up to one year to repay the loan. Additionally, lenders can only charge up to a $20 fee for every $100 borrowed.
When applying for an installment loan in Decatur, Ohio, you’ll need to provide some basic information, such as your name, address, and employment status. You’ll also need to provide proof of income, such as pay stubs or bank statements. Once approved, you’ll receive your loan funds and begin making monthly payments.
What are the benefits of installment loans?
There are several benefits to choosing an installment loan over other types of loans:
- Fixed payments: With an installment loan, you know exactly how much you’ll be paying each month, which can make budgeting easier.
- Predictable repayment term: Unlike credit cards, which can have variable interest rates and repayment terms, installment loans have a set repayment term.
- Lower interest rates: Installment loans typically have lower interest rates than credit cards, which can save you money over the life of the loan.
Interesting facts about installment loans in Decatur, Ohio
- According to a 2018 report by the Pew Charitable Trusts, more than 10% of Ohio residents have taken out an installment loan in the past year.
- The average loan amount for installment loans in Ohio is $1,162.
- Ohio is one of 26 states that allow payday lending, which is a similar type of short-term lending. However, payday loans typically have much higher interest rates and shorter repayment terms than installment loans.
Apply Now
If you’re in need of an installment loan in Decatur, Ohio, TheGuaranteedLoans can help connect you with potential lenders. We’re a connector service, not a direct lender, so we can help simplify the application process and facilitate your connection with lenders who may be able to meet your needs. Simply fill out our online form to get started.
Remember, it’s important to choose a lender that you trust and that has transparent loan terms. Be sure to read and understand the loan agreement before signing anything, and don’t hesitate to ask questions if anything is unclear.