Payday Loans in Lindsey, Ohio: What you need to know
Are you in need of quick cash to tide you over until your next paycheck? Payday loans can be a helpful solution to cover unexpected expenses. If you reside in Lindsey, Ohio, you have access to legal payday loans at a low cost. In this article, we will guide you through all the essential information you need to know about payday loans in Lindsey.
What are payday loans?
Payday loans are short-term loans taken out to cover unexpected expenses until the borrower’s next payday. They are typically small amounts ranging from $100-$1000. The loan is designed to be paid back in full on the borrower’s next payday.
How does it work in Lindsey, Ohio?
Payday loans are legal in Ohio. The Ohio Short-Term Loan Act restricts the maximum borrowing amount to $1000 or 25% of the borrower’s gross monthly income. The loan term should be no longer than 90 days. The interest rate on payday loans in Ohio is capped at 28% APR.
In Lindsey, Ohio, payday loan lenders must be licensed by the Ohio Department of Commerce Division of Financial Institutions. Before taking out a loan, ensure the lender has a valid license.
What are the requirements for getting a payday loan in Lindsey, Ohio?
To qualify for payday loans in Lindsey, Ohio, you need to:
- Be at least 18 years old
- Have a valid government-issued ID card
- Be a resident of Ohio
- Have a regular income source
- Have a checking account in your name
The borrower submits an application and, upon approval, receives the loan amount directly into their bank account. The borrower must repay the loan plus interest and fees by their next payday.
What are the benefits of payday loans in Lindsey, Ohio?
Payday loans are an easy way to get quick cash to cover unexpected expenses between paychecks. The application process is quick, and approval is fast, typically within a day.
Plus, payday loans in Ohio are cheaper compared to other states. Ohio has a 28% APR cap on payday loans, which is much lower than the average payday loan interest rate in other states, which can be as high as 400% APR.
Apply Now
If you need quick cash, fill out our online application form on TheGuaranteedLoans website. We are a connecting service and not a direct lender. We will forward your application to potential lenders who may offer you payday loans.
Interesting facts about payday loans in Lindsey, Ohio
- Ohio has 830 payday loan storefronts in 76 counties.
- Ohio households with annual income less than $25,000 are the biggest users of payday loans.
- The average amount borrowed in Ohio is $332
- Ohioans paid $184 million in payday loan fees in 2019.
Conclusion
Payday loans can be useful in covering unexpected expenses between paychecks, and Ohio has one of the lowest interest rates on payday loans in the US. If you live in Lindsey, Ohio, and qualify for the loan requirements, consider getting a payday loan. TheGuaranteedLoans is here to help you with the process.
Remember, payday loans should only be taken out for emergencies and repaid on-time to avoid incurring additional fees and penalties.