Installment Loans in New Bloomington, Ohio

Explaining Installment Loans in New Bloomington, Ohio

If you’re looking for a way to borrow money in New Bloomington, Ohio, installment loans may be exactly what you need. Installment loans offer a simple and straightforward way to borrow money without the burden of a traditional loan.

In this article, we’ll dive deep into the world of installment loans in New Bloomington, Ohio. We’ll discuss what they are, how they work, and everything else you need to know to make an informed decision about borrowing money.

What are installment loans?

An installment loan is a type of loan where you borrow a fixed amount of money and pay it back over a set period of time. Each payment on an installment loan includes both the principal amount borrowed and the interest.

One of the most significant advantages of installment loans is that you can borrow larger sums of money without providing collateral or a credit check. In addition, installment loans offer flexible repayment terms, making it easy to budget payments.

How do installment loans work in New Bloomington, Ohio?

In Ohio, installment loans are legal and widely popular. Installment loans typically fall under the Ohio Revised Code 1321.13, which is the state’s payday lending law.

Under Ohio law, installment loans are required to have a minimum loan term of 90 days, and lenders are limited to collecting interest and fees that do not exceed 60% of the loan principal.

The benefits of installment loans in New Bloomington, Ohio

If you’re thinking about applying for an installment loan in New Bloomington, Ohio, there are several benefits:

• No credit check: Installment loans do not require a credit check. That means that anyone can apply, regardless of their credit score. This can be especially beneficial if you have a poor credit history.
• Easy application process: The application process for installment loans is simple and straightforward. You can apply online from the comfort of your own home, and you’ll get a decision in minutes.
• Flexible repayment terms: Installment loans offer flexible repayment terms, making it easy to budget payments. You’ll know exactly how much you need to repay each month, and you can choose a repayment term that works for you.
• Fast funding: If you’re approved for an installment loan, you can typically get your funds within 24 hours.

Interesting Facts and Statistics About Installment Loans in New Bloomington, Ohio

• 84% of Ohio residents have taken out an installment loan at some point in their lives.
• The average loan amount for an installment loan is $1,500.
• Ohio has more payday lending storefronts per capita than any other state.
• The payday loan industry generates approximately $15 billion in annual revenue.

Apply Now

Applying for an installment loan in New Bloomington, Ohio is easy with TheGuaranteedLoans. We act as a connector between borrowers and lenders, making it easy to find the right loan for your needs.

To get started, visit our website and fill out an online application. We’ll ask you a few simple questions about your financial situation and provide you with a list of potential lenders. From there, you can choose the loan that works best for you and get funded within 24 hours.

Remember, installment loans offer a simple and straightforward way to borrow money in New Bloomington, Ohio. With flexible repayment terms and fast funding, an installment loan could be exactly what you need to take control of your finances.