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If you find yourself in a financial emergency, sometimes a payday loan can be the fastest and most convenient solution. In Hayesville, Ohio, payday loans are not only legal but also regulated by the state, ensuring borrowers have some level of protection.
What are Payday Loans?
Payday loans are short-term loans given to borrowers who need quick cash. Individuals can borrow small amounts of money, typically between $100 and $1,000, to cover unexpected expenses or bills. These payday loans usually have high interest rates and fees, but they can be a helpful option for those in need of quick funds before their next paycheck arrives.
The Cost of Payday Loans in Hayesville, Ohio
In Ohio, the maximum amount you can borrow in a payday loan is $1,000, and the loan term cannot exceed 6 months. The state also has laws that regulate the fees and interest rates that payday lenders can charge borrowers.
The annual percentage rate (APR) on payday loans in Ohio can range from 28% to 35.99%, depending on the loan amount and length. The finance charge for a $100 payday loan taken out for two weeks cannot exceed $1.08. This means that if you take out a $100 payday loan for 14 days, you will owe $101.08 at the end of the term. Lenders are also limited to charging a maximum of 10% of the loan amount as a loan origination fee, with a cap of $30.
Am I Eligible for a Payday Loan in Hayesville, Ohio?
Eligibility requirements vary by lender, but in general, to qualify for a payday loan in Ohio, you must:
- Be at least 18 years old
- Have a regular source of income
- Have an active checking account
- Be a U.S. citizen or permanent resident
It’s important to note that payday lenders typically do not check credit scores, but they do verify income and employment.
Interesting Facts and Statistics About Payday Loans in Hayesville, Ohio
Did you know that the number of payday loan stores in Ohio has declined by more than 20% since 2015? According to the Ohio Department of Commerce, there were 836 payday lenders operating in the state in 2015, and as of 2020, there are only 653. This decline is due to increased regulations and consumer protection laws in Ohio.
In 2020, Ohio lawmakers passed a bill that allows payday lenders to charge higher interest rates on loans with longer terms. This could potentially lead to borrowers paying more in interest and fees over the life of a loan.
Apply Now
Are you in need of a payday loan in Hayesville, Ohio? TheGuaranteedLoans can help connect you with potential lenders. We are not a direct lender, but we work with a network of trusted lenders to provide borrowers with various loan options and ensure your information is kept secure and confidential.
To apply for a loan, simply fill out our online application process. Once submitted, we will match you with the best-suited lender for your needs. Once approved, you can receive your funds as soon as the same business day.
At TheGuaranteedLoans, we are committed to helping our borrowers get the financial assistance they need when they need it. Apply now to get started.