Are you looking for loans in Dayton, Ohio? Then we’re happy that you stopped by this blog! We’ve got some information you need to make the right decision. From Eastern Hills to Westwood, we’re here to help you hunt for loans across Dayton, Ohio. And when you need help, you don’t have to be held back by bad credit, either. If you’re ready to find the best way out of debt, read on! 

Dayton: The Basics 

Dayton is a city in the Miami Valley region of southwestern Ohio. Named after the youngest signer of the US Constitution, Jonathan Dayton, the city started as a settlement of 12 people in 1796. Today, Greater Dayton is the fourth-largest metro area in the state, with just over 1 million residents. 

As the proving ground for many of the Wright Brothers’ first experiments in flight, Dayton is the birthplace of aviation (No matter what they say in North Carolina!). Today the city is a center for the development of aerospace technology. Other top employees in Dayton include leaders in the healthcare and education sectors. 

Dayton is a regular part of America’s most affordable and livable cities, particularly for young professionals. But when you have bad credit, loans are tough to find, even in a great city full of opportunities. Let’s look at one of the best options for any borrower looking for short-term, affordable financing—personal loans. 

What Are Personal Loans? 

A personal loan is disbursed in a lump sum and repaid in equal payments until you clear the debt. The borrower makes these equal payments—or installments—every month. Personal loans have primarily come from banks and credit unions in the past. Now, some alternative lenders provide personal loans to people who don’t qualify for loans with traditional lenders. 

Are Unsecured Loans Safe? 

Personal loans are unsecured loans. But they are a lot more ideal than their name suggests. An unsecured loan doesn’t require you to put up any collateral. Collateral is a valuable asset you promise to your lender to guarantee the loan. 

Secured loans, on the other hand, require collateral. Secured loans are suitable for long-term financings, like mortgages, home equity loans, or auto loans. With these types of secured loans, the collateral is the house or car you’re financing. While using collateral can be helpful for getting a low-interest rate, as the borrower, you are at a higher risk than the lender. If you default on the loan and don’t repay it, the lender will seize your collateral. 

Consider the things you would need to use as collateral in your life. Do you want to put up your house, car, or bank account to take care of a short-term loan problem? 

Uses for Personal Loans 

Personal loans cover whatever you need them to. Whether you want to finance a major purchase or pay off several bills, it’s up to you to manage how you apply this financial relief to your life. Some of the most common uses for personal loans include: 

Debt Consolidation

People use debt consolidation loans to pay off multiple pieces of debt. For example, consolidation loans can wipe out credit card debt or longstanding medical bills. This personal loan pays off your other creditors so that you can pay one monthly installment payment instead of several.  

Medical Emergencies 

Expensive, unexpected medical issues can wallop anyone. Your health is your top priority, but paying for medical care can be challenging—even if you have health insurance. Personal loans can cover medical bills so that you can stop being harassed by creditors and focus on you or your loved one’s recovery. 

Home Improvements or Repairs 

Did those gutters you’ve been “meaning to get to” finally flood your front porch? You can use a  personal loan to finance those minor to moderate home improvements that could take years to save up for. And with a short-term, unsecured personal loan, you don’t have to explore long-term, secure options like home equity loans. 

Buying a Car

Auto loans are among the most widely used secured loans, but they use a borrower’s car as collateral. Using an unsecured personal loan for a car purchase removes the risk of you losing your wheels. If you explore this financing tactic, know that rates will differ from auto loans. 

Why Your Credit Report Matters 

If you’ve applied for a loan or any other type of financing before, you may have had a credit check. A credit check is a review of your credit report. Your credit report holds details about how you manage your debt throughout your life as a consumer. When you apply for an installment loan or other long-term financing, the lender will review your credit report to determine if your creditworthiness meets lending standards. 

Payment History 

When you miss a debt payment—like a car payment or utility bill—it shows up on your payment history. This log provides lenders with crucial information about how often you have failed to make payments according to your payment plan or loan agreement. Steady payment history can make or break a financing decision with many private lenders who deal in loans based on income, not credit

Credit Utilization 

Credit utilization measures how much you access your line of credit. Think of credit utilization as another way of looking at your credit card debt. Let’s say that you have just one credit card that has a max limit of $2,000. That $2,000 is your line of credit. If you charge $500 worth of goods to your credit card, you have used a quarter of your credit line. That makes your credit utilization 25%. When you have a low utilization rate, lenders see that you can pay down debt regularly. Good payment behavior keeps your credit score stable—and attractive to potential lenders.

Credit History

Your credit history shows how long you’ve been paying on credit accounts. Your oldest credit account determines your credit history. To keep your credit history long, pay off your credit cards but refrain from closing or canceling the account. 

New Credit 

New credit is the number of credit checks made on your credit report. Potential lenders perform credit checks with a soft inquiry or hard inquiry. Hard inquiries are the credit checks that go on your credit report. Having multiple hard inquiries over a short period will moderately affect your credit score and take up to two years to “fall off” your credit report. 

Credit Mix 

Your credit mix shows the variety of credit you manage. Having different types of debt, like a credit card and a mortgage, is a good credit mix. 

Your Credit Score 

Your credit score is a rating calculated from all the information on your credit report. It is the conventional method for determining creditworthiness. Credit bureaus create credit reports and calculate credit scores. America’s three major credit bureaus are Experian, Equifax, and TransUnion. Your credit score ranges from 300-850: 

300-579: Poor/Bad
580-669: Fair
670-739: Good
740-799: Very good
800-850: Excellent

How Your Credit Score Affects Your Personal Loan Options

Every lender has different standards. Some rely on your credit score range, while others just consider a few aspects of your credit report. For instance, many online lenders provide personal loans based on your payment history and current income. Your overall credit score is less of a factor with private lenders. Unsecured personal loans depend heavily on your financial behavior. So if you show that you manage debt responsibly, your financial past matters a little less.   

Online Personal Loans vs. Online Payday Loans 

So far, we’ve talked about how personal installment loans solve many financial problems. Online personal loans make it possible to get help quickly without having lousy credit standing in your way. With features like these, it’s little wonder why personal loans are so widely used. But there is one instant cash option long ago used as a last resort by many underbanked people—payday loans. 

What Is a Payday Loan? 

A payday loan is a short-term loan that is one of the riskiest cash advances available. They get advertised as financial lifesavers that can keep you financially afloat until your next paycheck (hence the name). Online payday loans are also known for providing a same-day application and approval process. Add a general “no credit check” policy on top of all that, and it’s easy to see why a payday loan is the go-to for many people who can’t get a loan anywhere else. Although you can get these loans with bad credit, the question is: Should you? 

The Disadvantages of Payday Loans

Online quick cash loans, like payday loans, are readily available across the country. Their promise of no strings and fast cash deposits make them seem like the answer to any short-term money problem. But for millions of payday loan users, their high fees and short terms make it expensive to keep up on payments. When you fall behind, your loan accrues more interest and fees as your balance rolls over into a new payday loan. Debt compounds so quickly that many borrowers become caught in a debt trap that can take years to pay their way out of. 

The Advantages of Personal Loans 

Fortunately, personal installment loans are usually a safer alternative to payday loans. Lenders can structure personal installment loans to be manageable so that you can make steady payments with interest. Additionally, personal installment loans typically have a higher maximum loan amount than payday loans. Online installment loans offer the same convenience as online payday loans. You can apply for an online installment loan anytime. And in many cases, online installment loans can be approved and delivered to your bank account on the same day! 

Bad Credit Loans: Find Them at CreditNinja!

If you’re looking for bad credit loans in Dayton, Ohio, we’ve got you covered! CreditNinja loans have rates and terms that can work into your budget. And you don’t have to have perfect credit to work with us! With any CreditNinja personal installment loan, you can: 

Apply Anytime 

CreditNinja’s all-online lending experience begins with our personal loan application. It only takes a few minutes and a couple of pieces of information. Upon approval, we transfer money directly to your bank account, sometimes in as little as a day. 

Get Clear Loan Terms 

Instant cash lenders often use slick advertising techniques to hide the truth about their fees. CreditNinja personal installment loans are straightforward. When you work with us, you’ll know what you owe and when you need to repay it. 

Pay No Penalties for Pre-Payment 

Some lenders will charge you if you pay off your personal loan before the end of the loan term. There are no pre-payment penalties for any CreditNinja personal loan. After all, why should you be punished for organizing your finances? 

Rely on Our Excellent Customer Service 

CreditNinja loans have clear terms that outline all the details. And when you have questions about any of those details, our Customer Care Team is available to point you in the right direction. Ask us anything! 

CreditNinja Personal Loans: Designed With You in Mind 

Dayton payday loans regularly turn out to be more trouble than they’re worth. With CreditNinja, you could get a maximum loan amount with minimal hassle. Apply now, or contact us today.

What our borrowers are saying

¹Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan if approved, will be funded the business day after such additional verification is completed.