Get Quick and Easy Access to Local & Same Day Payday Loans in Springfield, OH

Fast Payday Loan Lenders near Springfield, OH

Borrow money for your urgent cash needs in Ohio by visiting a lender’s office; or applying for an urgent loan online. But, if you need money fast from the best lender in your state, apply online. Check out the best features of applying for loans online here at AdvanceSOS. We also have for you a list of direct lenders near you in Springfield, OH.

Quick Online Payday Loans in Springfield, OH, USA Faxless

Payday Loans Companies in Springfield, OH

Addresses, phone numbers, and reviews of lenders stores working nearby you:

Company	Address	ZIP code	Phone Number	Ranting	Reviews
Eagle Loan	2009 N Bechtle Ave	45504	(937) 756-7300	4.9	103
OneMain Financial	1988 N Bechtle Ave	45504	(937) 734-0290	3.9	21
Cashland	2050 E Main St	45503	(937) 732-5446	3.1	21
Mariner Finance	1005 N Bechtle Ave	45504	(937) 732-9180	4.1	21
Cash On Main Electronics & Collectibles	1609 E Main St	45503	(937) 791-8431	4.5	20
CheckSmart	2000 S Limestone St	45505	(937) 732-9111	3.8	16
CheckSmart	2600 E Main St	45503	(937) 732-4000	3.2	15
Quick Cash Loans	1117 N Bechtle Ave	45504	(937) 771-3515	5	5
Montana Capital Car Title Loans	1429 Nagley St	45505	(937) 771-3461	5	1
Check Advance of Ohio	528 N Main St	45344	(937) 784-8221	0	0

– companies ratings and reviews are based on their Google Business Profile. Updated November, 2022
– do you want to add, delete or modify your company details? Contact us – info@advancesos.com

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Do you want to learn more? Check the video about payday loans in Ohio by Nick Wilson experienced loan officer.

What Are the Regulations Guiding Payday Loans in Springfield, OH?

In 2018, legislators in Ohio passed a bill to place restrictions on Payday Loans in Ohio. Lawmakers created these restrictions to reduce back-to-back loans and the reincidence of debts. Some of the measures put in place to manage payday loans in Springfield, OH, are:

28% Interest Rate: The loan Act passed in 2018 placed a 28% cap rate on all payday loans in Ohio. This means that payday lenders cannot charge above 28% per year as the interest rate for loans. This is a reasonable interest rate for most borrowers to pay as it makes it easier for borrowers to repay their debt without getting into more debt.
Cost of the Loan: The cost of a loan refers to the fees and interests paid on that particular loan. The cost of a payday loan in Springfield, OH, as regulated by legislators in Ohio, and should not exceed 60% of the initial amount of the loan.
Income Tests: Monthly payments for a loan can not surpass 6% of the borrower’s income for loans that last for less than 90 days. The income test prevents customers from being exploited by lenders and splurging all their income on debt repayment. With this law, customers still have 94% of their income left to cover other expenses and prevent further borrowing.
Reasonable Amount of Time to Payback: Payday loans in Springfield, OH, must offer a term duration of at least 91 days and a maximum of one year. This makes it easier for borrowers to be able to repay what they owe.
No Rollovers: The new Payday Loan Act put a stop to the rollover of loans borrowers are not allowed to compound their debt by taking money from a lender they still owe.
Flexibility of Loan Repayment Time: The laws regulating payday loans in Springfield, Ohio, allow you to return the money you borrowed within three days if you have changed your mind. You can cancel your loan within three days without having to pay any interest.

Do I Need a Good Credit Score to Apply for a Payday Loan in Springfield, Ohio?

If you have a poor credit score, you do not have to worry while applying for payday loans in Springfield, Ohio. While most financial institutions might need to verify your credit score to make you eligible for a loan, the same can not be said about payday loans in Springfield, OH. As is the case with most payday lenders, lenders in Springfield, OH, do not require your credit score before accepting your application for a loan.

Can I Use a Payday Broker to Apply for a Payday Loan in Springfield, Ohio?

A payday broker refers to a person or company that helps you find payday lenders. While applying for a payday loan in Springfield, OH, it is legal for you to employ the services of a payday broker.

Notwithstanding, you should be careful while using the aid of a payday broker to apply for a payday loan. This is because payday brokers can make the process of getting a loan more expensive than it ought to be with their fees.

Is There a Maximum Amount I Can Borrow?

In Springfield, OH, there is a maximum amount you can borrow. You can borrow just $1000 from a particular lender at a time. However, you are not allowed to borrow more than $1500 at any given time. This means is that if you borrow from a different payday lender, the amount you borrowed from the lenders, when summed up, cannot exceed $1500.

Criteria to Get a Payday Loan in Springfield, Ohio

Even though getting a payday loan in Springfield, OH, is relatively easy, you still have to meet the requirements. The requirements for a payday loan in Springfield, OH, are pretty straightforward and have little effect on the time it will take to apply for a payday loan.

You must be at least 18 years or above. It is illegal to lend money to someone below the age of 18 in Springfield, Ohio.
You must be a legal resident of Springfield, OH. To prove this, it is necessary for you to provide your contact address.
You must provide a valid email address and a phone number. This allows payday lenders to contact you easily.
You must provide a valid government-issued ID or your social security number.
You must have a stable income above $1000. This is a way of ensuring that you can repay the loan.
You must have a valid checking account for transactions with the payday lender.
You must sign a declaration stating that you do not have above $2500 in loans.

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Amanda Girard

Amanda is a senior financial copywriter at AdvanceSOS. Amanda has been writing about finance since 2015. She graduated with a Master’s in finance from the University of Oklahoma. As a result, she has a wealth of experience and knowledge to share with her readers.