The city of Columbus lies at the very center of the state of Ohio. While it’s most widely known for being the capital of Ohio, the 14th largest city in the US, and the home to Ohio State University, there are many other great reasons why people would like to visit Columbus. 

If you’re visiting Columbus you likely won’t run out of things to do. There’s museums like the Columbus Museum of Art, or the Center of Science and Industry. You could visit the Franklin Park Conservatory and Botanical Gardens, see a college football game, or check out a number of great theaters. 

Columbus is a large city, with a population of 895,877, and a median age of about 32. The median household income is $52,971 and the median property value is $159,400. While there may be many opportunities for employment and high-paying jobs in Columbus, there are still many families and individuals who are struggling financially

Unfortunately, poverty has become an all-too-common issue in Columbus, just like most other large metropolitan areas. According to the US Census Bureau, 20.4% of people living in Columbus are living below the poverty line. For these people, common everyday tasks like buying groceries or filling the car with gas can be a struggle. This is why many of these people turn to short-term lending options like personal loans. 

Most commonly, short-term personal loans like payday or installment loans are used to help people with unexpected bills or expenses. Broken down vehicles, home appliance repairs, unexpected medical bills, and children’s school costs are just a few of the things that cause people to consider personal loans. 

It’s of the utmost importance that you do plenty of research before opting for a short-term personal loan. Make sure that you’re capable of paying it back before you take one out. There are many different types of personal loans, and they all have different terms, conditions, and interest rates. Luckily, CreditNinja is here to help

Read on to learn more about personal loans in  Columbus, how they work, and what to watch out for.

What are Personal Loans?

A personal loan is any loan that a customer borrows in order to pay for personal expenses, as opposed to business or commercial expenses. People use personal loans for a number of different reasons. Basically, they can be used for anything you need extra cash for, as long as it’s legal of course. 

The most common reasons people take out personal loans would be vehicle repairs, and other unexpected expenses like medical bills. Whatever the reason you need one, it’s crucial to research plenty of lenders to make sure you’re getting the best deal possible. 

It’s also important to know the differences between several types of short-term, small-dollar personal loans. This way, you’ll make sure you’re getting the loan that suits your situation the best. Here are a few of the most common types of personal loans out there: 

Title Loans in Columbus —A title loan is a very risky personal loan. This is because it’s a secured loan that requires you to offer up the title to your vehicle as collateral in order to get the loan. This means that if you can’t repay the loan by the due date, the lender has the right to seize your vehicle and sell it to recover their loss. This is why it’s important to make sure you can repay a title loan even before considering one. And even if you’re sure you can, it still may not be wise to risk losing your vehicle. The loan amount for a title loan is based on the value of the vehicle in question, so the higher the value the more money you can get. The loan term is usually between several weeks to several months. 

Payday Loans in Columbus—A payday loan is a very common short-term personal loan. This is considered an “unsecured” loan because you can get one without offering up any collateral. Payday loans are usually for small amounts (up to a few hundred dollars), and they typically need to be repaid within a couple weeks or on your next payday. They tend to be used by borrowers with lower credit scores and less-than-perfect borrowing histories. Which is why many payday loans carry higher interest rates than other personal loan options. These loans can provide quick cash when you need it, but the short term can make it difficult to repay on time.  

Personal Installment Loans in Columbus—Personal installment loans are quickly becoming a more widely used alternative to some other short-term options. These loans usually provide borrowers with more cash than a payday loan, and the repayment term is much longer as well—sometimes up to a couple of years. The interest rates for personal installment loans are typically more favorable than title or payday loans as well. If you’re in a financial bind, and you don’t have a perfect credit score, a personal installment loan may be a good option for you.

Columbus Personal Loan Benefits

There are pros and cons to all personal loans, no matter which one you need or what your credit score is. Finding the right loan for your specific situation will require you to research each type, reach out to lenders and ask questions, and review loan terms very thoroughly. 

CreditNinja is always here to help you get the information you need to make a wise financial decision. That’s why we’ve compiled the following list of benefits and disadvantages for the most common personal loans out there. 

Personal Installment Loans

  • Benefit: Manageable monthly payments and a longer repayment period.   
  • Benefit: You can get approved even with bad credit 
  • Benefit: Lower interest rates compared to other short-term loans.  
  • Benefit: Completely online applications, funding, and payments. 

Payday Loans

  • Benefit: Easy way to get quick cash in an emergency. 
  • Benefit: Online lenders, as well as storefront locations.  
  • Disadvantage: Difficult to repay in such a short amount of time. 
  • Disadvantage: Additional fees and interest if you can’t repay it on time.

Title Loans

  • Benefit: If your vehicle is valuable you can get a higher amount of cash.  
  • Disadvantage: Your vehicle may be repossessed and sold. 
  • Disadvantage: High fees and interest rates. 
  • Disadvantage: Shorter repayment periods considering how much cash you may get.

Why Choose CreditNinja?

For residents of Columbus who are looking to get some fast cash, CreditNinja is here to help. Our entire application, funding, and repayment process is completely online. Now you won’t even have to leave the comfort of your home to get approved, get funded, and pay off your loan. 

CreditNinja’s personal installment loans are designed for borrowers with poor credit who need to get their finances back on track. You’ll never encounter any hidden fees or surprises with CreditNinja. Our terms and conditions are straightforward and clear, and designed with you in mind. 

Whether you need to pay off some bills, repair your car, or even pay your rent, CreditNinja is here to help. Apply online today for a better and more affordable personal loan.

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