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Payday loans in Ohio

Under the legislation of Ohio payday loans can be provided legally. That’s why the lending business is very prosperous in the State. An online company offers its services very quickly and has a wide range of cash advance loans. It will take you several minutes to complete the application form. Then you can withdraw money from your account in a day.

The annual interest rate charged by payday lenders in Ohio amounts 390%. Frankly speaking such a rate is low. For every $100 loan, a borrower can’t pay more than 15%. For example, if a customer borrows a loan which makes up $200, he is to pay $30 in interest rates. The maximum sum of the loan which is allowed to be taken at one time in Ohio equals $800.

It doesn’t matter whether you are a citizen of Ohio, is going to move there, or live in another American State. You can always resort to the assistance of and receive an urgent loan by having unexpected financial difficulties. You life will be easier with our help.

All the residents of Ohio can get a payday loan through Your application will be approved instantly. Feel free to apply for a credit at our company and receive the necessary cash.

Payday lenders are allowed to operate in Ohio only in case that the State authorities have given them permission. The fee for a background check amounts $200. A lending company should also pay $500 in order to receive a license. The net value of a company should be at least $100,000. In its operations payday lenders are required to behave ethically with their customers, have a financial responsibility and reputable history.

Payday lender can charge their clients with additional fees. However, according to the Ohio legislation these fees aren’t allowed to exceed 5% monthly. In case a borrower fully repays the loan till the due date, a lender can request for a refund of the costs he have born during the lending period. For each provided loan payday lenders imply loan charges. These charges are limited by $5 for every loan amounting $50. Lending firms are also allowed to charge a compensation fee making up near $20 in case a borrower has non-sufficient funds.

A payday lending company that is registered in Ohio should put its license in a visible place in order potential customers can see it. Furthermore, a lender and a borrower should conclude a lending contract and have its copy. The contract is to include the following provisions: the sum of the loan, percentage rates, financial charges and fees, lending period.

The lending period is required to be less than 6 months in Ohio. A borrower can receive a loan not exceeding $500 at one time from the same lender. Under the State law it is prohibited to roll over a payday loans for more than 6 months.