Cash Advance and Payday Loans in Toledo, OH
Cash advances include a wide variety of loans from traditional and non-traditional lenders. Payday loans are a cash advance product that allows borrowers to receive cash quickly. They are often used in cases of financial emergencies. Most notable about these loans is that they allow borrowers to evade the lengthy long-term debt repayment process attributed to traditional funding. Borrowers should expect to repay payday loans within two weeks or whenever their next paycheck arrives. Payday loans are a legal form of cash advance in Toledo, Ohio. Nonetheless, there are statewide rules and regulations for a secure cash transaction.
Benefits of Taking Out a Payday Loan in Toledo
There are many benefits of taking out a payday loan in Toledo, including:
- Fast and secure access to cash. Payday loans present relatively simpler procedures and boast fast transaction times upon approval. Some borrowers can receive cash as soon as the next business day.
- Straightforward applications. Some lenders even allow consumers to apply online.
- Good credit is not required. Although lenders will run a credit check, the borrower’s credit score may not be the only factor determining creditworthiness. If the borrower can provide proof of income showing their ability to repay the loan on time, the lender may grant it.
- An alternative to traditional lending. Payday lenders, especially online ones, do not require the lengthy paperwork and extensive requirements for approval that conventional lenders do.
How to Get a Cash Advance and Payday Loan in Toledo
Storefront lenders and online platforms are both good options for receiving fast and secure payday loans in Toledo, OH.
Compared to storefronts, online lenders keep the procedure simple. Before approval, lenders may ask for the following documents:
- Personal information for identification, such as name, address, phone number, and email address
- The borrower’s bank account number
- Proof of income, including employer or company name
Online lenders may require more information in some situations.
Cash Advance and Payday Loan Requirements
Similar to traditional lenders, payday lenders in Toledo, Ohio, have specific requirements for borrower approval. In order to qualify for a payday loan, the borrower may need to:
- Be at least 18 years old
- Have a Social Security number
- Be a legal resident of Toledo, Ohio, with proof of residency
- Have an income of at least $1,000 per month
- Have a current phone number and email address
Costs and Regulations of Cash Advance and Payday Loans in Toledo, OH
Ohio State law enacts plenty of strict rules for lenders and borrowers to abide by. The maximum legal amount for a payday loan is $1,000. The law requires applicants to have only one loan at a time and prohibits rollovers. Finance charges reach up to 28% with an annual percentage rate of 28%. The minimum loan period is 91 days and can last up to 1 year. Lenders may not file criminal charges against borrowers. Prospective borrowers should learn more about short-term loan regulations in Toledo, Ohio, to ensure they are not being exploited by lenders.
Installment Loans In Toledo
Installment loans – also called personal loans, car loans, and mortgage loans – are another form of short-term cash advance. Installment loans work on flexible repayment schedules instead of upfront repayment. The loan amount will be divided into monthly repayments, which borrowers agree to repay promptly.
Requesting Title Loans In Toledo
Title loans are cash advances offered with the guarantee of the borrower’s forfeit of a title loan if the loan is not repaid. Collateral is an additional security measure for the lender should the loan default. To receive a title loan, the borrower must place their car, truck, or motorcycle as collateral. The vehicle’s title is transferred to the lender to keep as a guarantee for repayment and later returned to the borrower when they have repaid the loan.
The process for receiving a title loan is not all that different from traditional payday loans. The borrower will have to complete an online form application and present the vehicle title along with it. The lender will examine the vehicle presented to determine its value. Residents of Toledo may need to present the following documents in order to apply for a title loan:
- Government-issued ID
- Proof of residency in Toledo, Ohio
- Income source and employer information
- Photos of the vehicle presented
- Lien-free vehicle – if the borrower’s vehicle has a lien attached to it, they must first pay off their debt
Best Toledo, OH Cash Advance and Payday Loan Companies
Toledo, OH, boasts a wide range of storefronts and online lenders ready to meet borrowers’ financial needs.
Advance America offers plenty of storefront locations around the city, along with a resourceful website for borrowers to learn more about payday loans. They also offer installment loans for customers looking to repay a loan on an extended repayment schedule.
Like Advance America, Cash Plus offers a storefront location and an online platform to ease the process for many of its customers. Their services include payday loans, check cashing, prepaid MasterCard, and title loans.
With so many lenders available to Toledo residents, it is highly recommended potential borrowers perform the necessary research before applying for a loan.