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Cash advance loans, commonly known as payday loans, are short-term loans that are designed to help borrowers bridge the gap between paydays. In Ohio, cash advance loans are legal and readily available. In this article, we will discuss the basics of cash advance loans in Ohio.
A cash advance loan is a short-term loan that is designed to help borrowers cover unexpected expenses until their next payday. These loans are typically due in full on the borrower's next payday, and they are typically small-dollar loans, typically ranging from $100 to $1,000.
In Ohio, cash advance loans are regulated by the Ohio Department of Commerce, Division of Financial Institutions.
To obtain a cash advance loan in Ohio, a borrower typically needs to provide some basic information, such as proof of income and identification. The borrower then writes a post-dated check for the full amount of the loan plus any fees or interest charges.
The lender then provides the borrower with the loan amount in cash or deposits it into the borrower's checking account. The borrower then has until their next payday to repay the loan in full.
To be eligible for a cash advance loan in Ohio, a borrower must meet the following requirements:
Some lenders may also require a minimum credit score or may only lend to borrowers who are employed.
Cash advance loans in Ohio typically carry high fees and interest rates. According to the Ohio Department of Commerce, Division of Financial Institutions, the maximum interest rate that lenders can charge on cash advance loans in Ohio is 28% per year.
In addition to interest charges, lenders may also charge other fees, such as origination fees or late fees. It is important for borrowers to read and understand the terms of their loan agreement before agreeing to the loan.
Cash advance loans in Ohio can be risky for borrowers who do not have the ability to repay the loan in full on their next payday. If the borrower is unable to repay the loan, they may incur additional fees and interest charges, which can quickly add up and make the loan even more difficult to repay.
In addition to financial risks, cash advance loans in Ohio can also be a risk to the borrower's credit score. If the borrower defaults on the loan, the lender may report the delinquent account to the credit bureaus, which can negatively impact the borrower's credit score.
Cash advance loans in Ohio can be a helpful tool for borrowers who need quick access to small amounts of cash. However, these loans carry high fees and interest rates, and they can be risky for borrowers who are unable to repay the loan in full on their next payday. Before taking out a cash advance loan in Ohio, borrowers should carefully consider the risks and costs associated with the loan.