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Payday Loans in Ohio United States - Avail Now
A payday loan is a small, unsecured loan for the short term borrowing. The primary objective of this loan to provide instant liquidity to an individual who is in financial distress and get things sorted. Typically, this loan extends only till the next payday and the borrower is required to pay the loan amount fully including all the service charges and interest. This repayment can be done either by issuing a postdated check to the lender or by providing a debit mandate authorizing him to recover money directly from the bank account.
Over the years, the business of payday lending has grown in leaps and bounds. It is basically because of the various advantages it offers against the standard loans from various banks and credit unions. These payday loans are easy to obtain. All it requires is the applicant going online on the lender’s website and complete the application request or in some cases visiting the payday lending stores. Simple application form submission is followed by few basic qualification checks which looks at the profile of the applicant. Being a US resident and having a stable job with regular income flow are some of the checks these lender conduct. Some also set a precondition of having a minimum monthly salary of $1000 of the applicant. Once these parameters are passed, the applicant is good to go and money is disbursed within few hours.
The lender also do not probe on the need of this loan. The borrower is free to utilize the money in the way he wants to use. At the same time, with the absence of a credit check, the borrowers find this channel better than the conventional banks who lay major emphasis on the credit checks and its scores.
Going for payday loans in Ohio
Payday loans do have their set of issues in the form of a high borrowing costs. The rate of interest and the cost of default is very high. In some states, the APR is over 500%. Rolling over includes various charges as well. In the interest of the borrowers, many states have completely disallowed this product while others have allowed with plenty of conditions.
Ohio is one of the few states in the US where the law supports this product. Payday Loans in Ohio have a legal status and the state laws have defined certain legislation’s within which only the product can be offered to the customer. Ohio has in excess of 1300 payday lending stores.
Some of the major features defined by the legislation in respect to such loans are:
- The maximum loan amount which can be granted to a customer is $500 irrespective of the income.
- The loan is required to have a minimum duration of 31 days.
- The APR for the loan has been capped at 28%
- The total loan outstanding in the name of a single borrower cannot exceed 25% of his gross salary.
- With respect to the frequency of borrowing payday loan, if the borrower is already having a loan from one lender, he cannot borrow any more money till the time the previous loan has not been closed. Similarly if the borrower has more than one outstanding loans in his name or the total money outstanding in his name exceeds 25%, a new loan cannot be granted.
- A borrower cannot take more than 4 such loans in one calendar year.
- A payday loan cannot be granted to close any other loan account.
- All the lending institutions offering payday loans have to register themselves with the state as a short term lender under the Short Term Lender Law Agreement.
For an individual who finds himself in any financial situation, it is important to understand the real reason of such distress. Online Payday loans are helpful in assisting short term money crunch but they do not offer any loan term financial support. Thus an individual needs to understand the long term financial goals and start to plan his money accordingly. Going by a strict budget and controlling impulsive shopping are some of the ways to create wealth. Hence you need to look at the larger picture and make a plan for that starting now.