Payday loans in Ohio are offered by storefront and online lenders. There are usually a plethora of storefront options no matter where you live. And now that many lenders are moving online, there are plenty of options to apply for many different types of loans from the comfort of your home.
Although you may be able to find payday loans easily, that doesn’t mean that you should use them to cover a gap in your finances or pay for unexpected expenses. Online payday loans can come with extremely high interest rates and unfavorable repayment terms. And while they might be quick and easy to get, they can end up doing more financial harm than good.
When it comes to payday loans in Ohio, lenders have a few restrictions. To start, the maximum loan amount of a payday loan in Ohio may not exceed $1,000. Also, payday lenders in Ohio may not charge an APR of over 28% and may not offer loan terms that are more than 12 months.
Lenders who offer loan amounts of over $1,000, loan terms longer than one year, or charge an APR of over 28% typically have licensing to offer borrowers other lending products, like personal installment loans.
If you’re in the market for quick cash it’s important to consider all of your personal loan options before choosing a loan and lender. Make sure to research several options and find out all of the loan details before signing for one. The most important thing to consider when comparing lenders would be the APR. This is the total cost of the loan if you were to have it for one calendar year. It’s the best way to compare loans to one another.
Lenders are required to disclose the APR to you when you’re inquiring about a loan. So make sure you find out the APR before moving forward.
