Payday Loans in Neville, Ohio – What You Need to Know
If you’re in need of quick cash between paydays, you might already be considering a payday loan. In Neville, Ohio, payday loans are legal and available at a lower cost compared to many other states. In this guide, we’ll walk you through everything you need to know about payday loans in Neville, Ohio.
What is a Payday Loan?
A payday loan is a short-term loan that is typically due on your next payday. These loans are designed to help you cover unexpected expenses or bills that you can’t pay with your current income. The application process for payday loans is usually quick and straightforward, and you can typically receive your funds within a few hours or the next business day.
How Payday Loans Work in Neville, Ohio
Payday loans are legal and regulated in Ohio under Ohio Rev. Code Ann. § 1321.35 et seq. The maximum loan amount is $1,000, and the maximum term is 6 months. The interest rate for payday loans in Ohio is capped at 28% APR plus a loan fee of 1.08%. This means that if you borrow $100 for 14 days, you’ll be charged $16.67 in interest and fees.
It’s important to note that payday lenders are allowed to charge additional fees in Ohio. These fees can include origination fees, monthly maintenance fees, and more. However, the total amount you pay in interest and fees can’t exceed 60% of the original loan amount.
Benefits of Payday Loans in Neville, Ohio
- Quick and easy application process
- Funds available within hours or the next business day
- Regulated and legal in Ohio
- Lower interest rates compared to many other states
Drawbacks of Payday Loans in Neville, Ohio
- Additional fees can add up quickly
- Short repayment terms
- Can lead to a cycle of debt if not repaid on time
Interesting Facts and Statistics about Payday Loans in Neville, Ohio
- In 2019, Ohioans took out nearly 1 million payday loans, totaling over $400 million in loans.
- The average payday loan borrower in Ohio takes out 10 loans per year, with an average loan amount of $375.
- Ohio has some of the lowest maximum interest rates for payday loans in the country, with some states allowing rates up to 600% APR.
While payday loans can be a helpful solution for those in need of quick cash, it’s important to use them responsibly and only when necessary. If you’re considering a payday loan, make sure to compare lenders and make sure you understand all fees and terms before accepting a loan.
Apply Now
If you’re ready to apply for a payday loan in Neville, Ohio, TheGuaranteedLoans can help. We’re a connector service that can facilitate your connection with potential lenders. Our online application process is quick and easy, and you can receive your funds within hours or the next business day. Remember that payday loans should only be used for short-term financial needs, and should be paid back on time to avoid additional fees and interest charges.