Everything You Need to Know About Payday Loans in Lansing, Ohio
Are you in a tight financial situation and looking for a solution? Payday loans may be a helpful option to consider. While they have a reputation for being expensive, the good news is that payday loans are legal in Ohio and can be taken out at a low cost. In this article, we’ll break down everything you need to know about payday loans in Lansing, Ohio.
What Are Payday Loans?
A payday loan is a short-term loan that is intended to cover a borrower’s expenses until their next paycheck. These loans are typically small, ranging from $100 to $1,000, and are designed to be repaid within two to four weeks.
Payday loans are meant to be a temporary solution for those in need of quick cash. They are often used to cover emergencies such as unexpected car repairs or medical bills.
How Do Payday Loans Work?
When you take out a payday loan, you will need to provide the lender with proof of income and a post-dated check for the loan amount plus fees. The lender will hold onto the check until the borrower’s next payday, at which point they will cash the check.
The fees for payday loans are regulated by the state of Ohio and are capped at 28% of the loan amount, with a maximum fee of $20 per $100 borrowed. This means that if you borrow $100, the maximum fee you will pay is $28.
Is It Safe to Get a Payday Loan?
While payday loans have a reputation for being expensive, they are a safe and legal option in Ohio. The state has implemented regulations to protect borrowers from predatory lenders and to ensure that loans can be taken out at a low cost.
However, it is important to be cautious when taking out a payday loan. Borrowers should only take out loans that they can afford to repay and should carefully review the terms and fees of the loan before signing any agreements.
Interesting Facts and Statistics About Payday Loans in Lansing, Ohio
- The maximum loan amount for payday loans in Ohio is $1,000
- The average payday loan amount in Ohio is $318
- Ohio has more than 650 payday loan storefronts
- The average annual percentage rate (APR) for payday loans in Ohio is 591%
- 60% of payday loans in Ohio are taken out by borrowers who take out at least 12 loans per year
Apply Now
If you are considering a payday loan, TheGuaranteedLoans can help connect you with potential lenders. We are a connector service that can facilitate the loan application process and help you find a lender who meets your needs.
To get started, simply fill out our online application form. We’ll ask for some basic information such as your name, address, and income. Once you submit your application, we’ll work to connect you with one of our trusted lenders.
Remember, we are a connector service and not a direct lender. This means that we do not make lending decisions or control the terms and fees of your loan. However, we are committed to helping you find a safe and affordable payday loan option.
The Bottom Line
Payday loans can be a useful option for those in need of quick cash. While they do come with fees and interest, they are a legal and regulated option in Ohio that can be taken out at a low cost. Just be sure to carefully review the terms and fees of any loan you consider and only borrow what you can afford to repay.
If you’re considering a payday loan, the team at TheGuaranteedLoans is here to help. Apply now and we’ll work to connect you with a trusted lender who can meet your needs.