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Everything You Need to Know about Payday Loans in College Corner, Ohio
It’s not always easy to make ends meet, especially when unexpected expenses arise. In these situations, payday loans can be a helpful option. But before you take out a loan, it’s important to understand the regulations and requirements, particularly in College Corner, Ohio.
What are Payday Loans?
Before we dive into the specifics of payday loans in College Corner, Ohio, let’s review what they are. Payday loans are short-term loans designed to fill the gap between paychecks to cover immediate financial needs. These loans typically range from $100 to $1000, and are usually repaid within two weeks or by the next payday.
Payday loans can be helpful when unexpected expenses like medical bills, car repairs or utility bills arise. They can also be helpful for those who have trouble getting approved for traditional loans because of bad credit or a lack of credit history.
Payday Loans in College Corner, Ohio
In College Corner, Ohio, payday loans are legal, but they’re also heavily regulated to protect consumers from predatory lending practices. These regulations include:
- Payday loans cannot exceed $1,000 in Ohio.
- The maximum loan term is 6 months.
- The interest rate should not exceed 28% APR.
- The origination fee is capped at 2% of the amount borrowed or $30, whichever is less.
- The monthly maintenance fee is capped at 10% of the loan amount or $30, whichever is less.
- There is a 3-day cooling-off period during which the borrower can cancel the loan without incurring penalties or interest.
- The number of loans that a borrower can take out in Ohio is limited to one at a time and four per year.
Note that payday lenders in College Corner, Ohio are required to be licensed by the Ohio Department of Commerce, and to follow all applicable state and federal laws.
Applying for a Payday Loan
If you decide that a payday loan is the right option for you, the application process is simple. You can fill out an online application on TheGuaranteedLoans website, and be connected with potential lenders who can help you get the funds you need.
It’s important to keep in mind that TheGuaranteedLoans is not a direct lender. Instead, we are a connector service that helps match borrowers with lenders in our network. This can increase your chances of getting approved, but it’s important to carefully review the terms and conditions of any loan agreement before signing.
Interesting Facts and Statistics about Payday Loans in College Corner, Ohio
- Ohio has some of the most restrictive payday loan laws in the nation. These laws were enacted in 2018 to protect Ohio consumers from predatory lenders.
- According to the Center for Responsible Lending, the typical Ohio payday borrower takes out 10 loans per year and pays an average APR of 591%.
- A study by Pew Charitable Trusts found that most payday lenders in Ohio are small, locally owned businesses rather than large national chains.
- Some payday lenders in Ohio offer installment loans as an alternative to traditional payday loans. These loans are repaid over a longer period of time and have lower interest rates than traditional payday loans, but they can still be expensive and carry a high risk of debt.
Apply Now!
If you need extra cash to deal with unexpected expenses in College Corner, Ohio, TheGuaranteedLoans can help. Fill out our online application today to get connected with potential lenders in our network, and get the money you need quickly and easily. Remember, always borrow responsibly and make sure to carefully review the terms and conditions of any loan agreement before signing.