Payday Loans in Tuscarawas, Ohio
If you find yourself struggling to make ends meet or facing unexpected expenses, you may be considering taking out a payday loan. Payday loans are a type of short-term loan that can provide you with quick access to cash when you need it.
In Ohio, payday loans are legal and regulated. The Ohio payday lending law was passed in 2018, which brought significant changes to payday lending practices in the state. Under the new law, payday loan interest rates are capped at 28% APR, and loan amounts are limited to $1,000 or 25% of the borrower’s gross monthly income, whichever is less. The loan term must also be at least 91 days and no more than 1 year.
While payday loans can be a helpful resource for those in need of quick cash, it’s important to understand how they work and the potential risks involved.
How Do Payday Loans Work?
A payday loan is typically a small loan that is due to be repaid on your next payday, hence the name “payday loan.” The process of getting a payday loan is often easy and straightforward. You typically need to provide proof of income, such as a pay stub or bank statement, and a valid ID.
Once approved, you’ll typically receive the funds in your bank account within a few business days. When the loan is due, the lender will automatically withdraw the amount due from your bank account, along with any fees or interest charges.
The Risks of Payday Loans
While payday loans can be a helpful resource for those in need of quick cash, they come with significant risks. The high-interest rates and fees associated with payday loans can quickly pile up, making it difficult to repay the loan on time. This can trap borrowers in a cycle of debt, as they must continually take out new loans to pay off the old ones.
If you are unable to repay the loan on time, you may also face additional fees and penalties. In some cases, lenders may even take legal action to collect on the debt, which can result in wage garnishment or other serious consequences.
Interest Rates and Fees
Under Ohio law, payday loan interest rates are capped at 28% APR. This means that if you borrow $100 for 14 days, the most you can be charged in interest and fees is $10.82.
It’s important to carefully review the terms and conditions of any payday loan you are considering, including the interest rate and any fees or penalties. Make sure you understand how much the loan will cost you in total and whether you will be able to afford to repay it on time.
Interesting Facts and Statistics about Payday Loans in Tuscarawas, Ohio
- As of 2021, there are over 1,000 payday lending locations operating in Ohio.
- The average payday loan amount in Ohio is $325.
- In 2020, the Ohio Department of Commerce reported receiving 1,350 complaints about payday lending.
- Ohio is one of 32 states that allows payday lending.
Apply Now
If you’re considering a payday loan in Tuscarawas, Ohio, TheGuaranteedLoans can help you connect with potential lenders. Our online application process is fast and easy, and we work with a network of trusted lenders to help you find the best loan for your needs.
Please note that TheGuaranteedLoans is a connector service, not a direct lender. We cannot guarantee loan approval or provide specific lending terms. However, we will work to facilitate your connection with potential lenders and provide you with the resources you need to make an informed decision.
If you’re ready to apply for a payday loan in Tuscarawas, Ohio, simply fill out our online application to get started. Our team is here to help you every step of the way.