Payday Loans in Mansfield, OH
Most Americans aren’t new to debts. It’s estimated that over 80% of Americans owe some money to different lenders every month.
Payday loans are one of the most popular types. A payday loan is a small dollar (typically between $30 and $ 1000) short-term cash advance that helps people meet small unexpected financial expenditures.
Research shows that advance payday loans are common debt for most individuals under the $30,000 annual income. Mansfield, Ohio individuals have a huge number of individuals who have taken out payday loans. Payday loans in Mansfield, Ohio, help meet people’s financial emergencies.
The cash comes in handy when you run short of finances yet need instant money for small unexpected expenses like home improvements, repair & maintenance, unplanned travel, special day celebration, utility expenses, etc.
These types of loans are offered in financial storefronts across the city but are also available 24/7 via online platforms. Lenders and lending partners offer quick money access to individuals with no paper checks.
Applying for Payday Loans in Mansfield Ohio
The application payday loans in Mansfield, Ohio, is easy and quick. You may opt to visit a storefront or do the transaction online.
The online application process is speedy and convenient. You can fill out an online application from anywhere and at any time within 60 seconds. Provided you have a phone or computer and internet access; you can apply for payday loans online within minutes.
But, you need to provide all the necessary documents to get the loan approved. The lender will determine if you’re eligible for the cash advance when reviewing your form and loan application area code.
What Do I Need to Apply?
To qualify for a payday loan in Mansfield, Ohio, you need to ensure that you meet a few requirements. They include:
- Be a Mansfield, Ohio resident
- Be not less than 18 years
- Have a constant source of income
- Prove the ability to repay the loan
- Possess a bank checking or savings account
How Much Can You Borrow?
The amount that you can receive for a payday loan in Mansfield, Ohio, ranges between $100 to $ 1000. Lenders base the amount they give you give on your salary, with the intended purpose that you repay the balance from your next paycheck, typically in 14 days.
Lenders do not perform a credit check, but they must verify income and employment and a valid ID to determine eligibility.
How Fast Do You Get the Money?
The online application takes 60 seconds, and approval depends on the lender after reviewing your application form. It can take as little as one to two minutes to get approved. And they will deposit the money in your account the same day or one business day.
All you need is to state the amount you need in the application form clearly. A single lender can only give a maximum of $1000 according to Ohio state regulations. Though you can also apply from four different lenders, you cannot borrow over $2500 in total at a go.
APR and Fees for Payday Loans in Mansfield, Ohio
Though convenient, payday loans are one of the most expensive types of loans. Borrowers incur high charges in terms of APR and fees. In some states, the APR charge can go even up to 400% annually.
Luckily in Ohio, the state has set regulations to govern these rates. The lending practices are under the control of the ‘Consumer Protection Financial Bureau’ which helps regulate the fees and ensure that borrowers’ rights are protected.
In Ohio, a payday loan attracts an APR charge is 28% a year. And, both the finance charge and APR must not go above 60% of the entire principal loan amount.
Regulations That Surround Payday Loans in Mansfield, Ohio
Different states in America have set specific regulations to govern payday loans. In Ohio, you can be sure that illegal or predatory lenders won’t exploit you. The state has put in place regulations to control the lending environment in Ohio.
- Finance charge and APR or interest rates should be 28%
- $1000 is the maximum loan amount that a borrower can get from one lender
- A borrower cannot get over $2500 from all lenders
- The minimum loan term is 91 days
- The maximum loan term is one year
- No rollovers allowed
- A 90-day cooling-off period
- No outstanding loans allowed
- The lender must disclose their loan terms and conditions to borrowers beforehand.
Payday Loan Alternatives in Mansfield, Ohio
Payday loans are the favorite types of debt for most borrowers because no paper checks required and it’s easy to access. However, some borrowers may need more money than what the payday loan offers them. Alternatively, a borrower may shy away from payday loans because they are too pricey.
Fortunately, there are several alternatives that you may consider if in that situation. These alternatives may offer a higher loan limit and even an extended period of repayment than payday loans. Some of the best payday loan alternatives include installment loans (of up to $35 000) or Title loans (of up to $50,000). You may find out the best option that best suits you. You can search for more information from this website.
Bad Credit Loans
A good thing about payday loans is that you don’t need to worry about the state of your credit report. This type of loan offers you quick cash without checking your credit score. Therefore, it’s most suitable for people with poor ratings and even those without credit.
As long as you can provide evidence of employment or a steady income source, you will most likely get approved for the loan.
What are Title Loans?
Title loans are loans that lenders offer and take your car as collateral. The car acts as a protection against default.
Auto loans limit depends on the value of your motor vehicle. The lender keeps the car title for the whole period the borrower still owes them the money. After full repayment, the lender returns it to the borrower.
If the borrower cannot complete his loan repayments, including the interest or misses payments, the lender repossesses the motor vehicle. The lender has a right to sell the car to recover the money.
Finding Legit Lenders of Payday Loans in Mansfield, Ohio
Searching for legit lenders and lending partners is one of the most challenging parts for most borrowers. But that should not bother you as AdvanceSOS are here to do that for you.
When you apply through our website, you can be sure that you’re in safe hands. We partner with lenders that have a good reputation.
It’s prudent, however, to read and understand the fine print of the loan agreement before you sign it. This way, you’ll be fully aware of what you’re getting yourself into. Remember, you have a right to accept or decline to get into any contract depending on your own judgment.
Applying for a payday loan in Mansfield, Ohio, is quick and convenient as long as you have all that the lender requires. If you’ve run out of cash, don’t struggle with that urgent cash expense when you can get it fixed quickly. Just fill out a form on this website, and you’ll be good to go.
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.