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The Ins and Outs of Payday Loans in Frankfort, Ohio
If you are in need of quick cash, but don’t have the credit score to obtain a traditional loan, a payday loan may be the solution you are looking for. In the state of Ohio, payday loans are legal, but must be provided at a low cost to consumers.
What are Payday Loans?
Payday loans are short-term loans, typically for smaller amounts of money, which are meant to be repaid with your next paycheck. These loans are often sought out by individuals with less-than-perfect credit who need cash quickly, and cannot obtain a traditional loan from a bank or credit union.
The process of obtaining a payday loan is relatively simple. You will need to provide the lender with proof of income, a government-issued ID, and your checking account information. The lender will then provide you with money, which you must pay back, along with interest and fees, on your next payday.
How Do Payday Loans Work in Frankfort, Ohio?
In Frankfort, Ohio, payday loans are regulated by the Ohio State Legislature. The state has imposed certain limitations on payday loans to protect consumers from excessive fees and interest rates.
Ohio law states that payday lenders may not charge more than 28% in interest fees, and may not issue a loan for more than $1,000. Additionally, lenders must provide a payment plan option to borrowers who are not able to repay their loan on time.
It is important to note that the state of Ohio has implemented a database that lenders must use to verify that borrowers do not have any active payday loans with other lenders. This is a measure meant to ensure that borrowers do not take out multiple loans at once and spiral into debt.
What Are the Benefits of Payday Loans?
Payday loans can provide quick access to cash for individuals who need it, regardless of their credit score. Additionally, payday loans can be a more affordable option than other short-term loans, such as credit cards and personal loans, as long as they are paid back on time.
Another benefit of payday loans is that they can help borrowers avoid late fees on bills, such as rent or utilities.
What Are the Risks of Payday Loans?
The biggest risk associated with payday loans is the potential for borrowers to get trapped in a cycle of debt. If a borrower cannot repay their loan on time, they may be charged additional fees and interest, which can make it difficult to catch up and eventually pay off the loan.
Additionally, payday loans come with high interest rates, which can make them more expensive than other forms of credit in the long run.
Interesting Facts and Statistics about Payday Loans in Frankfort, Ohio
- As of July 2021, there are over 1,200 licensed payday loan locations in the state of Ohio.
- In 2020, Ohio payday lenders provided over 1 million loans to borrowers.
- The average payday loan borrower in Ohio earns less than $30,000 a year.
- The average interest rate on a payday loan in Ohio is 296%.
Apply Now
If you are in need of a payday loan in Frankfort, Ohio, TheGuaranteedLoans is here to help. As a connector service, we work with a network of trusted lenders who can provide you with the funds you need. Simply fill out our online application and we will match you with potential lenders who can offer you a loan at a low cost. Remember, payday loans should only be used in emergencies and should be paid off as soon as possible to avoid excessive fees and interest.