Payday Loans in Decatur, Ohio

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No payday loan companies in Decatur, OH. Consider companies in other cities:

Company nameAddressZip codePhone number
Somerville Bank 1131 N Barron St, Eaton, OH 45320 +1 (937) 456 - 6939
Peoples Savings and Loan Company 300 S Walnut St, Bucyrus, OH 44820 +1 (419) 562 - 6896
Firelands Federal Credit Union 221 E Main St, Bellevue, OH 44811 +1 (419) 483 - 4180
Payday Loans 3431 Market St, Youngstown, OH 44507
CashMax Ohio 236 W Perkins Ave, Sandusky, OH 44870 +1 (567) 283 - 5085
Equity Planning Corporation 3355 Richmond Rd 231A, Cleveland, OH 44122 +1 (216) 595 - 0780
U.S. Bank Branch 353 3rd Ave, Chesapeake, OH 45619 +1 (740) 867 - 3101
Royal Alliance Associates Inc 7600 Olentangy River Rd 200, Columbus, OH 43235 +1 (614) 784 - 5464
Regional Acceptance Corporation 8230 Montgomery Rd 100, Cincinnati, OH 45236 +1 (513) 398 - 2106
Wayne County Community Federal Credit Union 100 W Market St, Orrville, OH 44667 +1 (330) 682 - 2117

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Decatur, OH, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan in Grove City, OH, Online Loans in Hamilton, OH, Payday Loan Without a Credit Check in Hilliard, OH, Payday Loans in Lakewood, OH, Payday Loans in Lancaster, OH, Payday Loans in Lima, OH, Payday Loans in Lorain, OH and Payday Loans in Mansfield, OH. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Decatur, OH.

Are Payday Loans Legal In Decatur, Ohio?

Loan Rates and Fees, Laws and Regulations in Ohio.

One good thing with these loans is that they give borrowers time to get back on their feet: while the states allow taking out payday loans for longtime periods, the lenders try not to let their customers pay them more than once. That way, they can avoid losing their money. Usually, you should contact the lender with a new request after avoiding using a loan for 6-12 months. What are the advantages of taking out payday loans? If you're in need of urgent funds to pay for an important expense, these can come as a life-saver: you get money to solve your problems quickly and easily (taking into consideration your location).

What's payday lending in Decatur, Ohio? A payday lending institution offers private short-term unsecured loans. You are expected to repay the loan amount along with finance charges within no longer than 365. In other words, you have a job that guarantees you regular income at least monthly, or some stable investment income (if it's greater than interest rate for payday loans) and simple financial status (no overdrafts or unpaid bills). To make sure that you repay your loans on time and lack no essential expenditures, try cutting down non-necessary expenses and save up some money before taking out such financial contracts. Take into consideration your financial situation while choosing one: make sure that there's no other way to come by urgent money and avoid borrowing too much by taking out several payday loans.

Payday lending is legal in Decatur, Ohio. There's a default limit of $1,000 in Decatur, Ohio, so take out several payday loans if needed. The maximum finance charges are 28% per annum (APR).

Ohio Loan Regulations

Legal StatusLegal (at a low cost)
Interest Rate (APR, %)28
Maximum Loan Amount$1,000
Minimum Loan Term91 days
Maximum Loan Term1 year
Number of Rollovers Allowed0
Finance Charges0.28

Decatur, OH payday loan calculator

Payday Loans in Decatur, Ohio: Understanding the Basics

For many people, payday loans serve as a helpful financial tool when unexpected expenses arise. While there are mixed opinions about these types of loans, it’s important to understand the regulations and how they work in Decatur, Ohio.

The Basics of Payday Loans

Payday loans are short-term loans that typically range from $100 to $1,000. They are designed to provide emergency funds until the borrower’s next paycheck. In Ohio, payday loans are legal at a lower cost and regulated by state law.

Before applying for a payday loan, it’s essential to understand the terms and requirements of the loan. Typically, the borrower must provide proof of employment, such as a pay stub, and have a valid checking account. Some lenders may also require proof of residency and a government-issued ID.

Once approved, the borrower typically receives the loan funds within a few business days. The loan is due on the borrower’s next payday, typically within two to four weeks. If the borrower cannot repay the loan in full, they may be able to roll the loan over for an additional fee.

Payday Loans in Decatur, Ohio: Regulations and Fees

In Ohio, payday loans are legal but are subject to specific regulations and restrictions. The Ohio Short-Term Loan Act regulates these loans and requires lenders to follow specific guidelines, including:

  • Capping the loan amount at $1,000
  • Limiting the loan term to 91 days
  • Restricting the interest rate to 28% per annum plus a maximum of $1.08 in fees for a 14-day loan of $100
  • Prohibiting rollovers
  • Requiring a 24-hour cooling-off period after a borrower repays or receives a loan in full before another loan can be requested

If a lender violates any of these regulations, they can be subject to fines and legal action.

Benefits and Risks of Payday Loans

Payday loans can provide quick access to cash when needed. For those with poor credit or no credit history, payday loans may be one of the few options available to them. However, these loans also come with risks and downsides.

The primary risk of payday loans is the high interest rates and fees. While lenders in Ohio are restricted to 28% per annum plus a $1.08 fee on a 14-day loan of $100, this can still be expensive when compared to traditional lending options.

In addition, borrowers who cannot pay back the loan in full may be stuck in a cycle of debt. Rolling over the loan can lead to additional fees and interest charges, making it challenging to repay the loan entirely.

Apply Now: Connecting with Payday Lenders in Decatur, Ohio

Do you need emergency funds? TheGuaranteedLoans can help connect you with payday lenders in Decatur, Ohio.

Please note that TheGuaranteedLoans is not a direct lender. Instead, we work as a trusted connector service, linking borrowers with potential lenders. By filling out our online application, you can access a network of lenders who can provide payday loans based on your financial needs.

Interesting Facts and Statistics about Payday Loans in Decatur, Ohio

  • In Ohio, payday loans are legal but regulated by state law (source: Ohio Department of Commerce Division of Financial Institutions).
  • The average payday loan amount in Ohio is $350 (source: Pew Charitable Trusts).
  • Ohio has one of the highest rates of payday lending in the country, with more than 650 storefronts and online lenders (source: Cleveland.com).

The Bottom Line

Payday loans can be a helpful financial tool when used responsibly. However, it’s essential to understand the regulations, fees, and risks associated with these loans. If you find yourself in need of emergency funds, consider your options carefully and make an informed decision.

Apply now with TheGuaranteedLoans and connect with potential payday lenders in Decatur, Ohio. Remember, we’re here to help you find the financial solutions you need.

F.A.Q.

Can I be charged late fees if I cannot repay a payday loan in Decatur, Ohio on time?

No, you cannot be charged late fees if you cannot repay a payday loan in Decatur, Ohio on time. However, you may be charged a one-time returned check fee if your check bounces or your electronic payment is not processed.

Are there any limits on the amount that can be borrowed with a payday loan in Decatur, Ohio?

Yes, there are limits on the amount that can be borrowed with a payday loan in Decatur, Ohio. The maximum loan amount is $1,000, and the maximum loan term is 31 days.