Payday Advance Ohio
Having access to fast cash is often a necessity when life throws unexpected situations your way. Your stress levels can be highly increased from not being able to meet your immediate need, and not being able to acquire available funds. Payday cash advances are often a good option that provides needed cash quickly and easily.
Payday advance loans can be obtained in the state of Ohio, but they are severely restricted which makes them difficult to obtain. Therefore, if you require money to overcome a pressing financial emergency, you may need to seek other alternatives.
What Are Ohio Payday Loans?
Payday loans, or cash advances, are short-term loans that can be quickly and easily obtained through a brief loan application process. The money is loaned out for a period of 31 days in most states, and is often repaid when you receive your next check from either your employer or government programs such as Social Security or disability.
The interest and service fees charged for payday advances are usually quite high. However, payday loans are paid off in a short amount of time so they don't cause long-term payment problems. If payday loans are used wisely and only for emergencies, they are good sources of emergency cash that do not stress your overall budget.
Ohio Payday Loan Laws
Payday loans are considered legal in the state of Ohio. However, they are regulated by tough restrictions that make them quite unattractive to payday loan companies. An Ohio resident can borrow up to $500, but the annual percentage rate of no more than 28% on every $100 borrowed prevents most companies from offering them. That rate equates to just $1.08 per $100 of the loan.
Ohio payday advances must be repaid within 31 days, no rollovers (extensions) are allowed, and an individual is limited to four payday loans within a year's time. A $20 collection fee for non-sufficient funds (NSF) can be charged as can other bank charges (if disclosed) and court costs should the account default.
Both in-state and online payday loan lenders can operate within Ohio as long as they are approved. The approval process is quite exhaustive and expensive, which is another hindrance to payday loan companies operating within the state. Internet companies offering payday cash advances must adhere to the above regulations.
Suggested Alternatives to Ohio Payday Loans
If you have trouble locating either in-state payday loan providers or online payday loan lenders then you may have to resort to alternative sources for obtaining the cash you need to meet emergencies or unexpected situations. The following suggestions for payday loan alternatives can help you with this dilemma.
Small loans can be sought at either your personal bank or credit union. Although traditional bank loans involve long-term monthly payments, they are also offered at lower interest rates.
You might be able to acquire a small cash advance from your employer that can be repaid by being deducted from an upcoming check. This method is similar to receiving payday loans only usually without any interest or fees charged. Working overtime is another possibility, as is making adjustments on your tax form (W-2).
Private or government programs present another opportunity to obtain fast funds for emergencies. Various local, state and federal programs are normally offered that can be utilized. Quick research should reveal any emergency assistance programs operating in your area.
Other alternatives to payday advance Ohio loans are credit card cash advances, working side jobs, requesting a cash loan from a friend or family member, pawning or selling certain items of value, and consolidating bills.
Where to Get Further Information on Ohio Payday Loans
If you require further information, have other questions, or want to file a complaint against a payday loan lender, you should contact this Ohio department:
Division of Financial Institutions, Department of Commerce
77 South High Street, 21st Floor
Columbus, OH 43215-6120
Phone: 614-728-8400 or 866-278-0003