Payday Loans in Columbus, Ohio
Things happen, and we often find ourselves in a spot where we must pay for some unexpected costs. Consider submitting an application for a payday loan in Columbus, Ohio, to see if you are eligible.
The loan request process is fast and effortless. To qualify, loan borrowers have to meet a couple of straightforward conditions.
What is a Payday Advance Loan? What Can It Be Used For?
A cash advance loan is where the borrower will be extended a small amount of funds on a short-term agreement. This is considered an unsecured personal loan due to the fact that no collateral is required.
When unforeseen bills arise, like past due rent or utility bills, vehicle fees, health or vet costs, and so forth, individuals commonly rely upon payday advance loans.
Payday Advance Loan Criteria In Columbus, OH
In Columbus, Ohio, cash advance loan borrowers need to meet a few criteria to be eligible for a loan.
The borrower is required to:
- Show proof that they are a resident of Columbus, OH
- Must be 18 years of age
- Have a steady stream of income that they can provide proof of being at least $1,000/month
- Provide up-to-date contact information such as phone number and email address
- Provide their social security number
If a borrower does not meet the above criteria, they will immediately be denied a paycheck advance loan. Make sure you have the documents needed when submitting your application.
Laws and Regulations Regarding Payday Loans in Columbus, Ohio
The State of Ohio has deemed payday advance lending legal. Still, they have enacted the below rules and regulations for the paycheck advance lending industry:
- An individual lender cannot extend a loan in excess of $600. Borrowers cannot take out more than two unpaid loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not determined, the longest loan term length is 31 days. In the State of Ohio, borrowers are not allowed to rollover their loans.
- The fees and charges change for each lender. The service fees enacted by lenders on a payday loan are not considered interest. The service fees apply to each $100 borrowed and can range from 11% up to 15%.
- An interest rate is required to be mutually agreed upon. APR can be as much as 369%.
Will Payday Advance Lenders in Columbus, OH, Complete Credit Checks? What If I Have Poor/No Credit History At All?
Yes, the lenders we have a relationship with will perform a credit check on you, still, even if you have no credit or dismal credit, you may still be approved for a loan as long as you can prove that you can pay back the loan. Lenders are typically unbothered by your credit if you offer proof of income and a strategy to repay the loan.
Lenders will perform a soft credit pull, which will have no impact on your credit score. This is solely to get a feel of your credit history and basic information.
A hard credit check, dissimilarly, must have your explicit consent. These credit inquiries are performed for a plethora of purposes, such as mortgages, credit cards, and more.
You can still qualify for a payday advance loan with bad credit in Columbus, OH, if you can prove you will repay the loan.
Therefore, when you apply for a loan, albeit in person or online, make sure that you have your income information available and any other documents verifying that you can repay the loan. The more evidence you possess, the more likely your loan application will be approved.
When Will I See My Loan in Columbus, Ohio?
When you receive your cash actually depends on your lender as some lenders offer same-day cash advance loans, which means you will receive your payday advance loan on the same day you submit your application, as long as you get an approval.
Much of the time, however, lenders will send the borrower their lump sum on the next business day. Businesses often close for holidays and weekends. Because of this, if you apply on a Friday, you might not receive your deposit until Monday.
If you're wanting a same-day payday advance loan in Columbus, Ohio, you will need to ensure you're applying by 10:30 am. Any and all same-day funds going out that day will be approved by that deadline. However, you should request a loan earlier than that if possible, as it will increase the likelihood that you receive your loan on the day that you submit your application.
One additional consideration that you should understand is despite if the lender approves your application and posts the loan to your bank, occasionally the bank won't release that credit immediately. It's vital that you let your bank know that you plan to get a payday advance loan, so they could possibly make an exception in releasing the deposit earlier.
Overall, it's best to prepare in advance to get your funds on the following business day. That way, you're not left in the lurch if you cannot receive it on the same day.
Think About Working With Us
If you possess poor credit or no credit and are needing to get a paycheck advance loan, consider applying through us, as you most likely have a higher chance of approval.
We partner with over one hundred different lenders who offer their services online. Much of the time you will get your funds on the following business day so make sure that you plan appropriately.
However, you can always locate the closest paycheck advance loan storefront to you and apply in person to strengthen the chances of receiving your funds on the same business day. When applying in person, ensure that you have your government ID or driver's license; a passport is sufficient. Occasionally, lenders may require proof of address, so bring a utility bill to the store as well.
To find the nearest payday loan store, please refer to the list below and find your city.
Payday Loan Direct Lender Companies in Columbus, OH
Below you will find a list of payday loan companies offering their services in Columbus, Ohio. If you can't find a lender near your location in Columbus, consider applying in a nearby city in Ohio. Alternatively, you can apply online on our website and get a decision almost instantly.
If you can't find a lender near your location in Columbus, consider checking out payday loan lenders in nearby cities. Alternatively, apply online on our website and get an instant decision. If approved, you will get your cash the same or next business day.