Payday Loans in Medway, Ohio

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No payday loan companies in Medway, OH. Consider companies in other cities:

Company nameAddressZip codePhone number
Community Savings 425 Main St, Caldwell, OH 43724 +1 (740) 732 - 5678
PNC Bank 1366 Mt Vernon Ave, Marion, OH 43302 +1 (740) 389 - 2895
Stifel 1099 Colony Dr, Zanesville, OH 43701 +1 (740) 588 - 4600
Advance America 2230 US Highway 68 S, Bellefontaine, OH 43311 +1 (937) 592 - 9068
Superior Auto, Inc 8682 State Route 66 North, Defiance, OH 43512 +1 (567) 218 - 1500
Advance America 20 Down Towner Plaza, Coshocton, OH 43812 +1 (740) 622 - 4892
Huntington Bank 6254 S Main St, North Kingsville, OH 44068 +1 (440) 224 - 2194
ACE Cash Express 14002 Triskett Rd, Cleveland, OH 44111 +1 (216) 252 - 5351
Advance America 245 N Main St, Rittman, OH 44270 +1 (330) 927 - 9035
Lendmark Financial Services LLC 2628 Colonel Glenn Hwy Suite B, Fairborn, OH 45324 +1 (937) 429 - 8801

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Medway, OH, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Dublin, OH, Payday Loans in Elyria, OH, Payday Loans in Euclid, OH, Quick Loan in Fairborn, OH, Short-term Loans in Fairfield, OH, Online Loans in Findlay, OH, Short-term Loans in Grove City, OH and 24-Hour Loan in Hamilton, OH. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Medway, OH.

Beautiful sights of Medway, OH

Payday Loans Available in Medway, OH By The Following ZIP Codes:

45341

Are Payday Loans Legal In Medway, Ohio?

Loan Rates and Fees, Laws and Regulations in Ohio.

One good thing with these loans is that they give borrowers time to get back on their feet: while the states allow taking out payday loans for longtime periods, the lenders try not to let their customers pay them more than once. That way, they can avoid losing their money. Usually, you should contact the lender with a new request after avoiding using a loan for 6-12 months. What are the advantages of taking out payday loans? If you're in need of urgent funds to pay for an important expense, these can come as a life-saver: you get money to solve your problems quickly and easily (taking into consideration your location).

What's payday lending in Medway, Ohio? A payday lending institution offers private short-term unsecured loans. You are expected to repay the loan amount along with finance charges within no longer than 365. In other words, you have a job that guarantees you regular income at least monthly, or some stable investment income (if it's greater than interest rate for payday loans) and simple financial status (no overdrafts or unpaid bills). To make sure that you repay your loans on time and lack no essential expenditures, try cutting down non-necessary expenses and save up some money before taking out such financial contracts. Take into consideration your financial situation while choosing one: make sure that there's no other way to come by urgent money and avoid borrowing too much by taking out several payday loans.

Payday lending is legal in Medway, Ohio. There's a default limit of $1,000 in Medway, Ohio, so take out several payday loans if needed. The maximum finance charges are 28% per annum (APR).

Ohio Loan Regulations

Legal StatusLegal (at a low cost)
Interest Rate (APR, %)28
Maximum Loan Amount$1,000
Minimum Loan Term91 days
Maximum Loan Term1 year
Number of Rollovers Allowed0
Finance Charges0.28

Medway, OH payday loan calculator

Introduction

Medway, Ohio is a vibrant city known for its friendly people and stunning beauty. While the city enjoys economic prosperity, the cost of living is high here. This, coupled with unexpected expenses, has caused an emerging need for short-term loans.

Payday loans in Medway, Ohio have become a popular solution for many residents dealing with financial emergencies. In this article, we will provide you with all the essential information you need to know about these loans.

What are Payday Loans?

Payday loans are short-term loans that borrowers can take out against their next paycheck. They are intended to help people who need quick cash to cover an unexpected expense, bridge a financial gap until their next payday, or make ends meet during difficult times.

Unlike conventional loans, payday loans are fast and easy to obtain. Most of the time, lenders approve loan requests within 24 hours and disburse the funds within a few days. Additionally, lenders don’t perform an extensive background check or credit score evaluation, making payday loans accessible to most people.

Legal Framework for Payday Loans in Ohio

Payday loans are legal in Ohio, with state law regulating the interest rates that lenders can charge borrowers. The Ohio state law caps the interest rate on payday loans at 28%. This is a favorable rate compared to what some lenders charge in other states, making payday loans an affordable option for those in need.

Ohio also imposes a $500 limit on payday loans, and borrowers cannot have more than one loan at any given time. Payday loan terms vary between lenders, but the repayment period should not be lower than 31 days or exceed 365 days.

Cost of Payday Loans in Medway, Ohio

Lenders in Ohio can charge up to 28% interest on payday loans. For a $100 loan, this translates to a maximum fee of $28. While these rates are comparatively low to what lenders in other states charge, it is important to consider the additional costs that come with payday loans.

Some lenders charge additional fees and penalties, such as origination fees, late fees, and prepayment penalties. These fees can add up quickly and increase the cost of borrowing. It is essential to read the fine print, ask your lender for a breakdown of the fees upfront, and consider whether you can afford the total cost of the loan before accepting it.

Interesting Facts and Statistics about Payday Loans in Medway, Ohio

Did you know that:

  • Ohio recorded 1.5 million payday loans in 2019, totaling $4 billion in loan volume.
  • The majority of payday loan borrowers in Ohio earn less than $40,000 a year.
  • The average payday loan in Ohio in 2019 was $329.
  • Nearly a third of Ohioans used payday loans to pay for necessities such as rent, utilities, and groceries.
  • More than 70% of payday loan borrowers in Ohio took out new loans to repay old ones, creating a cycle of debt.

Apply Now

At TheGuaranteedLoans, we understand the challenges of dealing with financial emergencies. We strive to connect borrowers with potential lenders who can help meet their short-term financial needs. We are not a direct lender but a connector service committed to providing our customers with excellent service and guidance throughout the borrowing process.

Our online application is easy to complete, and we process most loan requests quickly. If you are looking for a reliable payday loan lender, visit our website and let us help you connect with a trusted lender today.

Conclusion

Payday loans offer a short-term solution for borrowers struggling to make ends meet during tough times. However, they come with additional fees and charges that can add up quickly, making them expensive in the long run.

It’s essential to weigh the pros and cons of payday loans before taking out one. If you decide to go with a payday loan, ensure that you borrow from a reputable lender and read the terms and conditions carefully.

We hope this article has provided you with the valuable information you need to make an informed decision about payday loans in Medway, Ohio. Remember, payday loans are not a long-term solution to financial hardship. Always borrow responsibly and plan your finances accordingly.

F.A.Q.

Can I file a complaint against a payday lender in Medway, Ohio if I feel that they have violated state or federal laws?

Yes, you can file a complaint against a payday lender in Medway, Ohio if you feel that they have violated state or federal laws. You can file a complaint with the Ohio Department of Commerce, the Consumer Financial Protection Bureau, or the Federal Trade Commission.

What happens if I default on a payday loan in Medway, Ohio?

If you default on a payday loan in Medway, Ohio, the lender may use collection methods, such as contacting you by phone or mail, reporting the debt to credit bureaus, or garnishing your wages, to collect the debt. Defaulting on a payday loan can also damage your credit score and make it more difficult to obtain credit in the future.