Payday Loan 
Title Loan 
Personal Loan 
Business Loan Personal loans have become increasingly popular among residents of Cable, Ohio. These loans are a legal means to get cash quickly for unexpected expenses, such as medical bills or car maintenance. If you’re considering a personal loan in Cable, Ohio, it’s important to know what options are available to you and what to watch out for.
The Basics: What are Personal Loans?
A personal loan is a type of loan that is granted to an individual for personal use. Generally, personal loans are unsecured, meaning they don’t require collateral like a car or house. Instead, personal loans are granted based on factors like the borrower’s income, credit history, and debt-to-income ratio.
In Ohio, the interest rate on personal loans is capped at 28% per year, making them an attractive option for those who need cash quickly but don’t want to pay exorbitant interest rates.
Types of Personal Loans
There are several types of personal loans available in Cable, Ohio:
- Unsecured Personal Loans: As mentioned earlier, unsecured personal loans don’t require collateral, but they may come with higher interest rates and stricter eligibility requirements than secured loans.
- Secured Personal Loans: Secured personal loans require collateral, such as a car or house. These loans may have lower interest rates and more relaxed eligibility requirements, but the borrower risks losing their collateral if they default on the loan.
- Payday Loans: Payday loans are short-term loans that are typically due on the borrower’s next payday. They often come with high interest rates and can trap borrowers in a cycle of debt if they can’t pay the loan back on time.
- Title Loans: Title loans require the borrower to put up their car as collateral. Like payday loans, they can come with high interest rates and should be used sparingly.
The Application Process
The application process for personal loans in Cable, Ohio is typically straightforward. You’ll need to provide basic information like your name, address, and social security number, as well as information about your income and credit history.
Once you’ve submitted your application, the lender will review it and determine whether or not to approve your loan. If approved, you’ll typically receive your funds within a few days.
Interesting Facts and Statistics
Did you know that as of 2021, the average personal loan amount in Ohio is $8,273? Additionally, the average interest rate on personal loans in Ohio is currently around 12%. These statistics show how personal loans have become a popular option for Ohio residents who need quick access to cash.
Apply Now
If you’re considering a personal loan in Cable, Ohio, TheGuaranteedLoans can help connect you with potential lenders. We are a connector service, not a direct lender, which means we work with a network of trusted lenders who may be willing to offer you a loan. To get started, fill out our online application today.
Remember, personal loans can be a useful tool for those in need of quick cash, but they should be used responsibly. Only borrow what you can afford to pay back, and make sure to read the terms and conditions of your loan carefully.