Payday Loans in Ohio

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By: Frank Partnoy | Updated: 2024-04-08 09:37:22

Payday Loans in Ohio

When you need to borrow cash in Ohio fast, payday loans are legal and can be a great solution. Thanks to the Ohio Short-Term Loan Law, there are rules in place to keep things fair for borrowers.

Anyone looking for instant cash support can visit 24CashToday and quickly find a range of lenders ready to help. It's a fast and convenient way to see your options and get access to the money you need without the long wait.

What are Ohio Payday Loans

Ohio payday loans are a quick way for people to get some cash when they really need it. These loans are there for unexpected costs or when you're caught short before payday. Here’s what you need to know about payday loans in Ohio:

  • You typically have 31 days to repay the loan in full.

  • You can borrow up to $800.

  • Interest is capped at 28%  

Let's say you take out the biggest loan possible, $800, with a finance charge of 28% in Ohio. The most the lender can ask for in fees is $224, which is 28% of $800. Remember, due to the short loan term and fees, the APR for payday loans can be much higher.

Ohio Loan Limits

You can only have two payday loans out at the same time. Ohio has a system that checks if you've already got two payday loans out before you can get another one. This stops folks from getting too many loans at once to handle their debts.

There's also usually a waiting period before you can take out a new payday loan after paying off an old one. Depending on who you borrow from, you might have to wait anywhere from a week to about a month. This is to keep people from rushing to borrow more right after they've paid off the previous one to avoid a debt trap. The total, with all the loans you have plus their fees, can't go over $1,600.

If you can't pay back the loan, you won't go to jail, but lenders can sue you for any unpaid loans, plus court costs and other fees. 

How to Get a Payday Loan in Ohio

Getting a payday loan in Ohio is not complicated, but you'll need to know a few things first, like who can get one and how to apply online.

Who Can Get a Payday Loan?

To qualify for a payday loan in Ohio, there are a few requirements you need to meet:

  • Be at least 18,
  • Live in the U.S.,
  • Earn at least $800 a month. While many lenders prefer this, Ohio law doesn't demand it. 
  • Have a bank account that's up and running.
  • You'll also need a social security number, a valid driver’s license or state ID, something that shows how much you earn, and your bank info.

Don't stress if your credit score is low. Many payday lenders in Ohio look more at your paycheck and whether you can pay back the loan than your credit history.

How to Apply Online

Applying online is pretty straightforward. Here's the rundown:

  1. Fill out an online application. It shouldn't take more than 10 minutes.

  2. Lenders usually do a quick credit check that won't mess with your score.

  3. If they give you approval, the cash will usually be dropped into your account by the next business day.

Always think carefully before you take out a loan, making sure you understand all the terms and consider it your last option.

The Benefits of Online Payday Loans in Ohio

Online payday loans in Ohio come packed with benefits for those looking for quick financial help.

Fast Approval: The big win with these loans is how quickly you can get approved. You can find out if you're good to go in just a few minutes, and the cash can be ready in your bank account as soon as the next day. This is perfect for when you're in a tight spot and can't wait for a traditional loan to get approved

Open to Bad Credit: Online payday loans in Ohio are still an option for borrowers with poor credit history. Unlike traditional loans that might want a high credit score, these loans are more about whether you've got a steady income and can pay back the loan. So, even if your credit isn't the best or you haven’t built it at all, you can still get the money you need.

Alternatives to Payday Loans in Ohio

If you're looking for quick cash and considering payday loans in Ohio, it's smart to consider other options too. There are several different routes you could take, like personal loans, credit unions, or even government programs. 

Personal Loans

Banks or direct lenders online offer personal loans, which could be a better choice than payday loans. They usually have lower interest rates and give you more time to pay back the loan, which can help with bigger expenses or consolidating debts.

Installment Loans

These are other options instead of payday loans. You pay back the money in parts over time, not all at once. Installment loans can make bigger loans easier to handle, and they come with fixed interest rates, so your payments stay the same.

Credit Unions 

Credit unions can offer payday alternative loans (PALs). These have lower costs than payday loans and are designed to be easier on your wallet. Credit unions might also help out with financial advice and planning.

Government Assistance Programs

Ohioans might be able to access government help with things like food, housing, or keeping the lights on. This support could offer some financial breathing room with grants or loans that don't need to be paid back immediately.

Checking out these options requires looking at your own needs, income, and what you qualify for, but it’s definitely worth looking at them before applying for a payday loan.

How 24CashToday Can Help You Find the Right Loan

24CashToday helps you quickly find the right loan by connecting you with multiple lenders with only one application, making sure the payday lender:

  • Is reputable
  • Is regulated by both federal and state authorities
  • Holds a valid license
  • Has positive reviews with the Better Business Bureau
  • Is a member of the Community Financial Services Association of America
  • Is among trusted payday loan lenders

Provide your phone number and email, and your loan request will be sent to many lenders at once, boosting your chances of finding a loan that works best for you.

Resources

Payday Lending in Ohio - Members Brief

Ohio Payday Lending Reform

Ohio Government Assistance Programs

 

FAQ's

Yes, you can still get payday loans in Ohio, though loan limits are capped at $1,000 with an APR of 28%. Loan terms with most lenders are between 7 days and 3 months.

Online payday loans are widely available across Ohio, including in major cities such as Columbus, Cleveland, Cincinnati, Toledo, Akron, Dayton, Parma, Canton, Youngstown, and Lorain. However, it's important to note that online payday loans are not limited by geographical location. As long as you're a resident of Ohio, you can apply for an online payday loan from anywhere in the state.

Yes, payday loans in Ohio are available for individuals with bad credit. Many lenders focus more on income and repayment ability than credit history.

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