Installment Loans in Tuscarawas, Ohio: What You Need to Know
Are you in need of cash to cover unexpected expenses? Do you live in Tuscarawas, Ohio? If so, you may want to consider installment loans.
What Are Installment Loans?
Installment loans are a type of loan where the borrower receives a lump sum of money upfront and then repays the loan over a fixed period of time in predetermined installment payments. These payments often include interest and fees in addition to the principal amount borrowed. Installment loans can be secured or unsecured, but they are typically easier to obtain than traditional bank loans.
Installment Loans in Tuscarawas, Ohio: Legal and Popular
In Ohio, installment loans are legal and widely used. As of 2021, Ohio’s Short-Term Loan Act regulates installment loans and caps the interest rate at 28% APR. The act also limits the amount of the loan to $1,000 or 25% of the borrower’s gross monthly income, whichever is less.
Benefits of Installment Loans
- Quick and Easy: Installment loans can be obtained quickly and with minimal hassle. The application process is typically straightforward, and lenders may not require a credit check.
- Flexibility: Installment loans can be used for a variety of purposes, including emergency expenses, medical bills, home improvements, and debt consolidation.
- Predictable Payments: With installment loans, borrowers know exactly how much they need to pay each month and when their payments are due.
- Improving Credit: Timely payments on an installment loan can help improve a borrower’s credit score.
Are There Any Risks?
Like any loan, installment loans come with risks. Borrowers should be aware of the interest rates and fees associated with the loan and ensure that they can afford the payments. Failure to repay the loan can result in additional fees and damage to the borrower’s credit score.
Interesting Facts about Installment Loans in Tuscarawas, Ohio
- According to the Consumer Financial Protection Bureau, around 75% of payday loan fees in Ohio come from borrowers who take out more than 10 loans in a year.
- The average APR for installment loans in Ohio is 138%, compared to the national average of 90%.
- In a survey conducted by the Pew Charitable Trusts, 95% of installment loan borrowers in Ohio said they were convenient and easy to use, but 60% reported difficulty paying them back.
Apply Now
If you are interested in obtaining an installment loan in Tuscarawas, Ohio, we invite you to apply now with TheGuaranteedLoans. Our online application is easy to use, and we will connect you with potential lenders who may be able to provide you with the funds you need.
Please note that TheGuaranteedLoans is a connector service, not a direct lender. We facilitate connections between borrowers and potential lenders.
Apply now and get the cash you need today.