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In Ohio, payday loans are legal, which means Dalton residents have access to this financial option when they need emergency cash. Payday loans are designed to help those who are struggling between paychecks to make ends meets. You probably have questions about how they work, what the rates and fees involved are, and how they differ from other types of loans. In this article, we’ll answer those questions and provide you with everything you need to know about payday loans in Dalton, Ohio.
How payday loans work
Payday loans provide quick access to cash, and the process is simple. Here’s how it works: you visit a payday lending service like TheGuaranteedLoans and fill out an application. Once you submit your application, the lender reviews your information and verifies your income. If you meet their requirements, you’ll receive a loan offer, which will include the loan amount, interest rate, and fees.
The loan terms for payday loans in Dalton vary, but the typical loan term is two weeks or until your next payday. In most cases, the lender will require that you provide a post-dated check for the loan amount plus fees. On the due date, the lender will deposit the check. If you don’t repay the loan on time, the lender will charge you a fee and withdraw the money directly from your account.
Rates and fees
The fees and interest rates associated with payday loans in Dalton are regulated by the Ohio state government, so you can be sure that rates are reasonable and not exorbitant. The interest rates are typically around 28% APR, and the maximum fee is 10% of the loan amount, capped at $30. This means that if you borrow $100, you’ll pay a maximum of $10 in fees.
It’s important to note that since payday loans are intended for short-term use, they can quickly accumulate if you don’t pay them back on time. For example, if you roll over your loan for an extended period, you could end up paying more in fees than the original loan amount. It’s essential to carefully consider whether you can afford the loan before taking it out and make sure you have a solid plan to pay it back on time.
How payday loans are different from other loans
The primary difference between payday loans and other types of loans is their short-term nature, higher fees, and lower loan amounts. Payday loans are not intended to be a long-term solution to financial problems but instead a temporary fix for emergency cash needs.
Another difference is that payday loans don’t require a credit check. They are based on your income and ability to repay the loan, making them a popular option for those with poor credit or financial struggles. This also means that payday loans can be a more accessible option for those in urgent need of cash who may not qualify for other types of loans.
Facts and Statistics about Payday Loans in Dalton, Ohio
- As of 2019, there were 836 licensed payday lenders operating in Ohio, including storefronts and online lenders.
- The average payday loan in Ohio is $329, and the average annual percentage rate (APR) is 591%.
- One in six Ohioans have used payday loans to make ends meet, according to a 2019 survey conducted by Ohioans for Payday Loan Reform.
- The average length of a payday loan in Ohio is 14 days, and borrowers can roll over their loans up to six times, resulting in higher fees and interest rates.
Apply Now
If you’re in need of emergency cash and considering a payday loan, TheGuaranteedLoans can help connect you with a potential lender. Our process is quick and easy, and we’ll work to get you the best loan offer possible. However, it’s important to remember that we are not a direct lender but instead a connector service. We’ll put you in touch with lenders who can offer you a loan, but the terms and conditions of the loan will be determined by the lender.
When applying through TheGuaranteedLoans, make sure you provide accurate information about your income, employment, and banking information to increase your chances of being approved. Also, make sure you review the loan offer carefully and understand the repayment terms before accepting it.
Final thoughts
Payday loans can be a useful financial tool for those who find themselves in emergency cash situations, but it’s essential to understand the rates, fees, and terms before taking out a loan. Make sure you can afford the loan and have a plan to pay it back on time to avoid costly fees and interest rates. If you’re considering a payday loan, make sure to apply through a trusted connector service like TheGuaranteedLoans, and remember that payday loans should be used as a last resort, not a long-term financial solution.