Columbus is the capital of Ohio and the 14th largest city in the United States with a population of 879,170. Though it’s rather highly technologically and culturally developed (median household income is $47,156), there are still many people facing emergency situations which they can’t handle with their poor savings. More than 21,2% of the population live in poverty. As a result they look for urgent cash advance. The legal and most beneficial options for Columbus residents are Payday and Personal loans as they are easy to apply and get, quick, unsecured and available for bad credit.
Payday lending is legal in Ohio under the Ohio Revised Code Ann. 1321.35 et seq. According to it the official regulations are:
Maximum Loan Amount: $500
Loan Term: Minimum: 31 days
Maximum Finance Rate and Fees: 28% annual interest
Finance Charge for 14-day $100 loan: $1.08
APR for 14-day $100 loan: 28%
Maximum Number of Outstanding Loans at One Time: One, four per year
Rollovers Permitted: None
Cooling-off Period: 2 loan limit in 90 days
Repayment Plan: Yes, 60 days, no fees
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs after default; damages
Criminal Action: Prohibited
A new law regulating Payday lending has been passed and will come into effect in October, 2018. As most lenders managed to escape 28% interest cap the Government decided to change the law. Now these highest rates will be prohibited. Rates for Payday loans borrowed for the term less than 90 days will be capped to 6% of gross monthly income. For loans between 90 days to 1 year , fees can’t exceed 60% of the loan value, monthly fees will comprise either 10% of the principal loan amount or $30, whichever is less.
For any further questions or complaints address Ohio Division of Financial Institutions, 77 South High Street, 21st Floor Columbus OH 43215 or call (614) 728-8400, (614) 728-0380
$1,000 – $25,000 unsecured Personal Loans in Columbus, Ohio.
In case of emergency such as an unexpected medical or dental bill, car or house repair, some purchases or travel, etc many residents of Columbus choose to apply for a Personal loan. It’s one of the best solutions to your financial problems because:
- it’s fast and the money can be deposited into your bank account within 1 or 2 business days
- It’s unsecured, you don’t need any guarantor or collateral
- It can cover expenses up to $25,000 and can be spent on any of your personal needs
- It’s available for bad credit
- It offers a convenient repayment plan of fixed monthly installments
- You can get approved with a soft credit check only without affecting your credit history
- You can apply 100% online from the comfort of your home without driving, waiting and doing paperwork.
Personal loans are offered in the amount from $1,000 up to $25,000 depending on your needs, credit score and income. It should be paid off within 6 – 60 months usually in equal biweekly or monthly payments. If you can do it earlier there are no prepayment penalties but you’d better check these specific conditions before singing the agreement as they may vary depending on the lender.
How to apply for a Payday or Personal Loan in Columbus, Ohio.
To apply for cash advance in Ohio you need to meet simple requirements:
- Be over 18 years old.
- Be the resident of Ohio state.
- Have a proof of your current employment and income, such as a pay stub or government check.
- Have a valid bank account.
- Have an e-mail, phone number and home address.
In case you meet these demands and you are not in a military service, you can apply for a loan either online or in-store. Both ways you need to fill out an application form, wait some minutes to get approved and get the money into your account within 24 hours. Each option has its own pros and cons. If you borrow money this way for the first time you’d better go to a store near you as there you’ll be able to ask questions and get some advice in person. Also you may receive the money quicker. Though it takes some time to drive even to the nearest location and to wait in lines. Online service is available 24/7 and is definitely the fastest and easiest as can be done from any electronic device with Internet connection. Besides you get the chance to compare all the offers and choose the best lender.
Whichever way you take the loan be careful to read all the information in the agreement before signing it, do your best to repay it on time and you’ll stay satisfied with the experience.