Payday Loans in Canton, OH
Payday loans are short-term, unsecured loans. They’re a quick and easy way to get yourself out of a sticky financial situation. Payday loans are to be paid in percentages once the customer receives a paycheck.
Payday loans are known to be predatory, placing high interest rates on loans and charges that make it difficult for customers to repay them. Thankfully, payday loans in Canton, Ohio, aren’t as predatory as payday loans in some other cities. This is because the Payday Loan Act passed by the state of Ohio covers the city of Canton.
What Are the Reasons I Might Apply for a Payday Loan in Canton, OH?
- Healthcare: Some medical bills aren’t covered by insurance in the USA. This makes most people likely to take loans to sort out healthcare expenses. This is especially true if you have a chronic illness or are advanced in age.
- Bad Credit Score: Most payday lenders don’t scrutinize your credit score before giving you a loan. If you have a bad credit score, payday loans may sound very appealing to you.
- Inability to Borrow from Friends and Family: Perhaps most of the people you will ordinarily borrow from can’t come to your aid due to financial constraints of their own or an experience they have had with you in the past. This is where payday loans in Canton, OH, come into play. They are fast, and you don’t need to get your family or friends involved in any way.
- Relatively Low-Interest rate: Compared with some other cities, the interest rates of payday loans in Canton are relatively low. This is thanks to the Loan Act passed in 2018, which placed a cap rate of 28% on payday loans.
How Fast Will the Loan Be Transferred If I Apply for a Payday Loan in Canton, Ohio?
One of the best features of payday loans is that they don’t take much time to transfer your funds once you have completed the application process, unlike some other financial institutions.
Most payday lenders will transfer your funds immediately after the application is approved; others will wait for ten to twenty minutes. On average, the maximum amount of time it’ll take to get your loan is 24 hours. This is very speedy when compared to financial institutions like banks, where it could take up to a month for you to receive a loan.
Can I Apply Online?
With the advent of the internet, you can do most things online. You can also apply for a payday loan online in Canton, Ohio. Most payday loan companies own websites where you can submit an application, eliminating the stress involved in physical payday loan applications for both the lender and the customer. All you need to apply for a payday loan in Canton, OH, is a device that can connect to the internet.
What Do I Do If I Have a Bad Credit Score?
If you have a bad credit score, you need not fret. Payday lenders in Canton, OH, don’t require your credit score ratings before giving you a loan. This is one of the reasons payday loans are widespread across the country. Individuals who will not usually be eligible for a loan in a traditional financial establishment are free to apply for a payday loan.
Are there Regulations Guiding Payday Loans in Canton, OH?
Payday loans in Canton, Ohio, are well regulated to ensure that the interests of both the borrower and lender are protected. In 2018, the legislators in Canton, Ohio, passed a bill to regulate payday loans in Ohio. Some of these regulations are:
- Low-Interest Rate: In Canton, Ohio, there is a capped interest rate of 28%. Payday lenders aren’t allowed to charge more than 28% on any loan. This ensures that borrowers aren’t weighed down by interest rates of up to 200%, as is the case in some cities outside Ohio. It’s easier for customers in Canton, Ohio, to repay loans as a result of this.
- Income-task: Payments to repay a payday loan in Canton, Ohio, can’t exceed 60% of the borrower’s income if the loan lasts for less than 90 days. This reduces the likelihood of a borrower being pulled into more debt because it allows borrowers to take care of their other expenses with 94% of their income left.
- Loan Term: Payday loans in Canton, Ohio, have a minimum term of 91 days and a maximum term of 1 year. This gives borrowers ample time to repay a loan when compared to some states where the loan term is just 30 days. Additionally, you have a 3-day window to change your mind about a loan and return the money you loaned without having to pay any interest in Canton, Ohio.
What Are the Requirements That Make Me Eligible for a Payday Loan in Canton, OH?
- You must be up to 18 years old.
- You must be a legal resident of Ohio.
- You must provide evidence of a stable monthly income above $1000 to prove that you can repay the loan.
- You must provide a government-issued ID or a social security number.
- You must have a valid email address and a phone number.
- You must have a valid checking account.
- You must sign a declaration form stating that you don’t have over $2500 in short-term loans.
Payday loans can be a way for you to get out of financial struggles when used with caution. Apply for payday loans only when they are absolutely necessary and when you’re sure you can repay them.
Amanda is a senior writer at AdvanceSOS. She has more than six years of journalism experience, mostly in the finance sector. She graduated with a Bachelor’s Degree from Drew University.