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When you’re dealing with a tough financial situation and don’t have the best credit, it can be hard to find a loan that works for you. Although payday loans are expensive, when you budget and plan for the cost, you can get the money you need without falling into a cycle of debt. This guide will tell you everything you need to know when looking for a payday loan in Columbus, Ohio.
Yes. While payday lenders in Ohio are restricted in how much interest they can charge, many skirt the law and register as small loan lenders. This means the interest they charge isn’t capped at the legal 28% rate.
When you go to take out a loan, read the contract carefully. You can borrow up to $500, but the interest rates will vary. You’ll want to know exactly how much a loan will end up costing you before you agree to borrow.
Lawmakers in Ohio have recently passed a new set of regulations on the payday loan industry to limit the amount of interest and fees payday lenders can legally charge. On October 29, 2018, these new regulations will start applying to short-term loans throughout the state.
The biggest change comes from the limits to interest. Currently, lenders are able to skirt the 28% interest cap by registering under the Ohio Small Loans Act. Once the new laws come into effect, interest will still be capped at 28%, but loans lasting less than 90 days will have a monthly payment cap of either 6% of your gross monthly income or 7% of your net monthly income. For loans lasting between 90 days to one year, fees can’t exceed 60% of the loan value.
Other fees will also be capped, and borrowers will have at least 72 hours to return the full loan amount if they decide they no longer want the loan.Ohio payday lending law can be complex, so learn all about it here
Check the websites of any providers you’re interested in to confirm they operate in Ohio.
You can apply online by clicking Go to Site on your chosen lender above or by visiting a lender’s storefront. Eligibility criteria will differ between lenders, but no matter where you go, you’ll need to be at least 18 years old, a US citizen or permanent resident and have a regular source of income.
In order to complete the application successfully, you’ll have to provide some basic information.
Ann’s car recently broke down. She needs it to get back and forth to work, and she doesn’t have time to wait for a personal loan or credit card. A coworker suggests she apply for a payday loan so she can get the money she needs quickly. Ann goes online to read about the payday laws in Ohio, and she learns that while lenders are limited to 28% APR, they often charge more than that.
She compares her options and finds a lender that abides by the law. After filling out her application as accurately as possible, Ann is approved for a small loan of $300, which covers the cost of her car repairs. According to the loan contract, she had to pay an APR of 28% on the amount advanced and a loan origination fee of $30.
The length of the loan was 31 days. At the end of the term, the lender cashed Ann’s check of $337. With her car repaired and her debt paid off, Ann is able to go to work without worrying about her finances.
Ohioans have a large selection of banks and credit unions to borrow from.
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