Ohio Personal Loans

Ohio is a midwestern state known for being one of the industrial leaders in the US, and ranks third in manufacturing employment nationwide. Several of Ohio’s major cities contribute to its manufacturing success, including Cincinnati, Akron, and Cleveland, among others. In addition, Ohio is also known for its farming, tourism, and for being a swing state in US elections. 

If you live in Ohio, or have visited, then you may be familiar with the Rock and Roll Hall of Fame, the Pro Football Hall of Fame, Serpent Mound Historical Site, or the homes of several US Presidents. These places and more have become a large draw for tourists all over the country. 

Despite the success of farming, manufacturing, and tourism, there are still many residents in Ohio that are struggling financially every day. When you live paycheck to paycheck, even a small unexpected expense can set you back and put you in debt. Unfortunately, this is the case for many people in Ohio:

  • 13.9% of Ohioans live in poverty
  • 19.2% of Ohio children live in poverty
  • 15.1% of working-age women live in poverty
  • 11.5% of working-age men live in poverty
  • 13.2% of Ohioans live with food insecurity

For these people, short-term financing may seem like an attractive option for solving their financial issues. Personal loans are a popular choice for people who need fast cash when they’re in a bind. But there are many different types of personal loans out there, and knowing which one to choose could save you a lot of money in the long run. 

If you’re a resident of Ohio, and you’re considering taking out a short-term personal loan, check out our helpful guide below to get the information you need. 


Types of Personal Loans in Ohio

If you need a personal loan, it’s important to do your research and carefully choose the right one for you. This decision may be difficult since there are so many different kinds of personal loans out there. The first step is to make sure you’re familiar with what a personal loan is, and some of the most common types. 

A personal loan is any loan that a borrower takes out to use for personal expenses. Common reasons people take out personal loans would be to pay medical bills, kid’s school costs, car repairs, or other bills and unexpected expenses. 

Personal loans tend to be for smaller amounts than other types of loans. Depending on the type that you choose, you may be offered only a few hundred dollars, all the way up to a few thousand. And repayment for personal loans is usually a short amount of time. These short terms can sometimes make them difficult to repay. 

Doing thorough research on the type of loan you want will be an important part of the process. Some of the key aspects of personal loans that you should be aware of include: the APR, other fees and charges, the repayment period, the total repayment amount, monthly payment amount, and reviews of the lender you’re considering. 

The reason it’s so important to do your homework is that there are many predatory lenders out there who make money by deceiving borrowers in need. They may offer confusing terms and conditions, or very expensive loans that are difficult to repay, in order to trap borrowers in a cycle of debt. 

Here are some of the most common types of personal loans in Ohio, that you may encounter:

Title Loans in Ohio

A title loan is a short-term, high-interest loan that borrowers who own a vehicle sometimes take out. It’s considered a secured loan, which means that in order to get one, you have to offer up a valuable asset as collateral—In this case, your vehicle. Here’s how they work:

  1. When you apply for the loan, you offer up your vehicle as collateral.
  2. The lender assesses the vehicle to determine its value.
  3. You’re offered a loan based on the value of your vehicle—the amount you get will likely only be a fraction of the total value.
  4. The lender provides the loan, and then you begin to repay the loan after a certain amount of time.
  5. Once you repay the loan, the title of the vehicle is returned to you. 
  6. If you don’t repay the loan, the lender can sell your vehicle to recover their losses

Because these loans mean risking the loss of your vehicle, they may not be the best option. Another pitfall of a title loan is that you may get a large sum of money (since the amount will be based on the value of the vehicle), but you won’t have very long to pay it back. This can lead to borrowers not being able to pay back the loan and losing their vehicle. For title loans, they may last a couple weeks, up to a month or so. 

It’s wise to avoid title loans if possible. For most people, losing their vehicle would only cause more financial hardship. If you do choose to take one out, make sure you’ll be able to repay it on time. 

Payday Loans in Ohio

A payday loan is another example of a high-cost, short-term loan. These are considered “unsecured” loans because unlike a title loan, they don’t require any collateral. Because there’s no collateral, lenders may make more of an effort to confirm that a potential borrower will be able to repay the loan. This means that you may need to have a better credit score or credit history than you would need for a secured loan. 

Payday loans are often considered to be difficult to repay due to how short the repayment period is. A typical payday loan only lasts a couple of weeks. This is because they’re meant to help people make it to their next payday. The problem is that some people use their entire next paycheck to repay the loan, which means they’ll need a new loan to make it to their next payday. This is called a “debt cycle.”

Because payday loans are generally used by subprime borrowers, the interest rates can be quite high depending on the lender you choose. The amount you get will depend on several factors, but it’s usually only a few hundred dollars. 

The most important thing when considering a payday loan would be to find out the APR. This stands for Annual Percentage Rate, and it’s the most accurate way to determine the true cost of a loan. The annual percentage rate is the percentage of interest and additional fees you would pay if the loan repayment was one full calendar year. Because the APR includes the total cost of borrowing, you always need to find out what it is before agreeing to a loan. 

Personal Installment Loans in Ohio

A personal installment may also be a short-term loan, but it has several key differences from payday and title loans. They work in a similar way, with borrowers applying online or in person, getting funded, and then repaying the loan plus interest and additional fees. The differences come into play with the interest rate, and the amount of time borrowers have to repay the loan. 

Usually, personal installment loans have better interest rates than payday and title loans. While borrowers may not have perfect credit scores, they usually have a fair or decent score and a steady income. This allows lenders to offer lower interest rates because they trust that the borrower is more likely to repay the loan.

Another key difference is that personal installment loans allow borrowers more time to repay their loan. Typically, installment loan repayment periods last anywhere from a couple of months, up to a couple of years at most. This can make monthly payments or “installments” more manageable because they’re spread out over a longer period of time. 

Even though personal installment loans are usually a more affordable option, it’s still important to review the contract, ask questions, find out the APR, and be sure you are able to repay the loan before you take one. 

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How to Take Out A Personal Loan in Ohio

Taking out a personal loan in Ohio can be as easy as getting online and filling out an application. Many lenders have brought their entire application and funding process online. But if you prefer an in-person experience, there are still plenty of storefront lenders out there as well. 

The process is usually the same no matter which lender you choose. First you apply, either online or in person. Then the lender will review your application and decide whether they want to offer you a loan. If they do offer you one, they may give you cash or directly deposit money into your bank account. In the contract, the lender will set a repayment schedule to begin sometime after you receive the money. Once you repay the full amount the loan contract will end. 

You can find personal loans throughout Ohio, but you’ll likely have the most variety in larger cities. Here are the ten largest cities in Ohio based on population:

  • Columbus
  • Cleveland
  • Cincinnati
  • Toledo
  • Akron
  • Dayton
  • Youngstown
  • Canton
  • Lorain

No matter where you are, or what type of loan you choose, the most important thing is to do your research. Avoid lenders that are pushy or offer confusing terms and conditions. Make sure to ask questions and get the answers you need before signing a contract. And always make sure you know what the APR is. 

Simple application, money by tomorrow, no hassle.

Why Choose CreditNinja?

CreditNinja is here to help when you need quick cash from a reliable source. You’ll never run into deceptive salesmen, confusing terms, or hidden fees at CreditNinja. Our straightforward application process is simple and quick.

At CreditNinja, you can complete the entire application process online, from the comfort of your home. If approved, the money will be directly deposited into your bank account by the next business day.¹ No more waiting in lines and filling out lengthy paperwork. Just log on to CreditNinja.com and fill out the easy application. 

  1. https://www.infoplease.com/us/states/ohio
  2. https://www.infoplease.com/encyclopedia/places/north-america/us/ohio-state-united-states/economy
  3. https://talkpoverty.org/state-year-report/ohio-2019-report/

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.