Cash Advance and Payday Loans in Cincinnati, OH

When faced with an unexpected financial emergency, receiving a small-sum, short-term loan from traditional banks might be difficult. It might be more difficult for people who have a low or no credit score. When looking for short-term loans, people often opt for cash advances or payday, installment, and title loans.

Advantages of Taking Out a Payday Loan in Cincinnati, OH

One of the most significant advantages of taking out payday loans in Cincinnati is time. The application process is relatively fast, meaning that borrowers may be able to address their emergency sooner.

Another advantage is that the credit score of the borrowers may not be the only factor the lender looks at. Some lenders may also consider the applicant’s income when determining eligibility.

And finally, payday loans are unsecured loans, meaning that lenders do not ask for collateral or a guarantor to supply the required amount of money.

How to Get a Cash Advance and Payday Loan in Cincinnati, OH

People wishing to apply for a loan in Cincinnati have two options from which they can choose. Depending on their needs and convenience, customers have the opportunity to apply for a payday loan online by filling an application or by visiting a lender's store in person.

Cash Advance and Payday Loan Requirements

To qualify for a loan in Cincinnati, borrowers must be Ohio residents of at least 18 years of age. They should present a valid ID, an active checking account, and proof of income. Some lenders may also ask for a Social Security number and other documents. It's important to note that online and storefront lenders should have a loan license to operate in Ohio.

Costs and Regulations of Cash Advances and Payday Loans in Cincinnati, OH

According to the law, the maximum payday loan amount cannot exceed $1,000 in Ohio. The minimum loan term is 91 days, and the maximum is one year. Clients can return the borrowed amount in less than 91 days only if the monthly payment is smaller than 7% of their net monthly income or lower than 6% of the gross monthly income. Monthly fees should be less than 10% or less than $30, whichever is less. However, the lender may charge a 10% to 15% fee for every $100 borrowed. Rollovers are not allowed, and customers cannot apply for more than one payday loan at a time.

Installment Loans in Cincinnati, OH

Installment loans are a great option for people seeking quick cash worth more than $1,000. Installment loans vary from $1,000 to $5,000. Borrowers may pay back the loan in six months or five years in scheduled equal monthly payments. The minimum annual percentage rate is around 6%, and the maximum is around 36%. Borrowers may charge a 5% origination fee and other charges. All terms, rates, and applicable fees must be disclosed in writing and read by the borrower before signing any document.

Requesting Title Loans in Cincinnati, OH

A title loan is secured with the borrower’s vehicle, meaning the car is offered as collateral. When applying for a car title loan, the lender will inspect the vehicle and its value. After the inspection, the lender will present the loan offer. Most title loan terms in Ohio are 30 days. However, some lenders might allow borrowers to pay back the loan in one to three years in monthly payments. Customers will receive their vehicle's title back after having paid back their loans.

To be eligible for a title loan, borrowers must be more than 18 years old. They should present an ID, lien-free vehicle title, proof of insurance, and proof of income.

Favorite Cincinnati, OH, Cash Advance and Payday Loan Companies

A reputable lender in Cincinnati is Advance America. The company offers payday loans, cash advances, and check cashing. Advance America is known for its quick service and easy application process.