Payday Loans in Laura, Ohio

Payday loans are an option that many people in Laura, Ohio turn to when they need cash quickly. These loans are legal and are available at a relatively low cost in Ohio. In this article, we will provide you with everything you need to know about payday loans in Laura, Ohio, and how to apply for one if you need it.

The Basics of Payday Loans in Laura, Ohio

Before we dive into the specifics of payday loans in Laura, Ohio, let’s briefly discuss what they are and how they work. Payday loans are small-dollar loans that borrowers typically repay when they receive their next paycheck. These loans are designed to help people cover unexpected expenses or make ends meet when they are short on cash.

In Laura, Ohio, payday loans are legal and regulated by Ohio law. The Ohio Consumer Protection Laws regulate the industry, meaning that Ohio resident can get access to safe and fair payday loans. The maximum amount that a borrower can receive in a payday loan is $1,000 or 25% of the borrower’s gross monthly income, whichever is less. Payday loans in Ohio can’t exceed the cost of borrowing 60% per annum.

How to Apply for a Payday Loan in Laura, Ohio

Applying for a payday loan in Laura, Ohio is a simple process that can be done online or in-person. To apply, the borrower needs the following documents;

• A government-issued ID
• Proof of income or employment
• A valid checking account
• Proof of residency in Ohio

Once you have gathered these documents, you can proceed to apply for your payday loan. If you opt to apply online, most lenders will require you to fill out an application on their website. The application will typically ask for basic personal information, such as your name, address, phone number, and email address.

Once you have submitted your application, lenders will review your information and let you know if you qualify for a payday loan. If you are approved, the lender will transfer the funds to your checking account within a few days.

Facts and Statistics about Payday Loans in Laura, Ohio

• As of 2021, Ohio is home to over 600 payday lending locations, more than McDonald’s, Wendy’s, and Burger King restaurants combined.
• Ohio law caps the interest rate on payday loans at 28% – this is significantly lower than the national average interest rate of 400%.
• In 2020, the average payday loan amount in Ohio was $328. However, borrowers typically paid back $430 due to interest and fees.
• Around 90% of payday lending profits in Ohio come from borrowers who take out seven or more loans per year.
• The average payday borrower in Ohio is female, earns less than $40,000 per year, and has not completed a college degree.

Apply Now for a Payday Loan in Laura, Ohio

If you find yourself in need of a payday loan in Laura, Ohio, don’t hesitate to reach out to us at TheGuaranteedLoans. We are a connector service that can help you connect with a lender who can provide you with the cash you need quickly and at a fair rate. We work with a large network of lenders who are willing to lend to borrowers of all credit types, including bad credit.

To get started, fill out our online application form, which will typically take just a few minutes to complete. From there, we will connect you with potential lenders who will review your information and determine if they can offer you a loan. If you are approved, the lender will typically deposit the funds into your checking account within one business day.

Conclusion

Payday loans in Laura, Ohio are a legal and regulated way for residents to access quick cash. While they can be a helpful option for those in need, it’s important to remember that payday loans can also come with high interest rates and fees. If you do decide to take out a payday loan, make sure you read the terms and conditions carefully and understand the true cost of borrowing.