Installment Loans in Portland, Ohio
If you’re looking for a loan in Portland, Ohio, you may want to consider an installment loan. Installment loans are a popular and legal type of loan in Ohio that allows borrowers to repay the loan in fixed payments over time. This type of loan can be a viable option for those who need a larger sum of money upfront but prefer to pay it back over a longer period. Here’s everything you need to know about installment loans in Portland, Ohio.
What are Installment Loans?
Installment loans are a type of loan that allows borrowers to repay the loan in fixed payments over time. Unlike payday loans, which need to be repaid in full on the borrower’s next payday, installment loans can be repaid over a more extended period, often in monthly payments.
Why Choose Installment Loans in Portland, Ohio?
Installment loans are a popular option for those who need more significant sums of money and want a flexible repayment plan. Some advantages of installment loans include:
- Faster access to funds: Unlike traditional loans that may take weeks to process, installment loans can often be approved and funded within a day or two.
- Borrower-friendly: Installment loans in Ohio have borrower-friendly laws and regulations in place to protect consumers.
- Lower interest rates: Installment loans typically have lower interest rates than other types of loans, such as payday loans.
Legal and Regulatory Protections
Installment loans are legal in Ohio, but like all loans, they come with legal and regulatory protections for borrowers. Ohio has established strict regulations and laws regarding the maximum amount that lenders can charge for installment loans. The Ohio Revised Code (ORC) mandates that lenders are not allowed to charge more than 28 percent in annual percentage rates (APR) on installment loans.
Applying for Installment Loans with TheGuaranteedLoans
TheGuaranteedLoans is a connection service that can help you find lenders who are willing to offer you an installment loan in Portland, Ohio. As a connector service, TheGuaranteedLoans doesn’t provide the loans directly but facilitates your connection to lenders who can. You can apply for an installment loan on our website, and we will work to connect you with potential lenders quickly.
Interesting Facts and Statistics about Installment Loans in Portland, Ohio
- According to a Payday Lending Activity Report published by the Ohio Department of Commerce in 2017, approximately 1.7 million payday loans and installment loans were taken out in Ohio in 2016.
- The average loan amount for an installment loan in Ohio is $1,062, and the average APR is 117 percent, according to a report published by Pew Charitable Trusts in 2018.
- Ohio residents took out over $502 million in installment loans in 2020, according to the Ohio Department of Commerce
Conclusion
Installment loans are a legal and popular option for those who need more substantial sums of money and want a flexible repayment plan. Remember that taking on debt is a serious financial decision that should be taken after careful consideration. If you’re looking for an installment loan, feel free to apply on TheGuaranteedLoans website, and we will connect you with lenders willing to offer you the loan that suits your needs.