Payday Loans in Reading, Ohio
Events happen, and we often wind up in a place where we have to pay for some unforeseen costs. Think about applying for a cash advance loan in Reading, Ohio, to see if you meet the requirements.
The loan application process is swift and simple. To qualify, loan borrowers have to satisfy a few simple criteria.
What is a Payday Loan? What Can It Pay For?
A payday advance loan is where the borrower will get a small sum of cash on a short-term basis. This is deemed to be an unsecured loan as no collateral is needed.
When unexpected expenses present themselves, like late rent or utility expenditures, auto fixes, health or vet bills, and so on, individuals commonly rely upon payday loans.
Paycheck Advance Loan Stipulations In Reading, Ohio
In Reading, Ohio, payday loan borrowers need to meet a few stipulations to qualify for a loan.
The borrower must:
- Show proof that they live in Reading, Ohio
- Must be 18 years old
- Receive a steady income that they can prove that's at least $1,000/month
- Provide up-to-date contact details including cell phone number and email address
- Provide their social security number
If a borrower does not abide by the above criteria, they will immediately be denied a paycheck advance loan. Make sure you possess the documents needed when submitting your application.
Laws and Rules Regarding Paycheck Advance Loans in Reading, Ohio
The State of Ohio has deemed payday advance lending legal. However, they have put forth the below rules and laws for the cash advance lending industry:
- An individual lender cannot extend a loan for more than $600. Borrowers cannot possess more than two active loans from different lenders. There is no smallest loan amount.
- There is no minimum loan term, the maximum loan term length is 31 days. In Ohio, borrowers cannot rollover their loans.
- The fees and charges change for each lender. The service costs 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 decided upon. APR can be as much as 369%.
Will Payday Lenders in Reading, Ohio, Perform Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we have a relationship with will complete a credit check on you, but, even if you possess no credit or poor credit, you may still be eligible for a loan given that you can prove that you are able to repay the loan. Lenders are commonly unconcerned about your credit history if you offer proof of income and a strategy to pay back the loan.
Lenders will rely on a soft credit inquiry, which will have no impact on your credit score. This is simply to get an idea of your credit history and basic information.
A hard credit inquiry, on the other hand, needs your permission. These credit checks are utilized for a variety of purposes, such as mortgages, credit cards, and more.
You can still qualify for a payday advance loan with less than great credit in Reading, Ohio, provided that you can prove you will repay the loan.
Therefore, when you apply for a loan, whether it is in person or online, double check that you have your income information ready and any other documents verifying that you can repay the loan. The more proof you have, the better chance your loan request will be granted.
When Will I Receive My Loan in Reading, OH?
When you see your loan really relies on your lender as some lenders provide same-day payday loans, which means you will receive your paycheck advance loan on the same day you submit your application, as long as you get an approval.
Most of the time, though, lenders will send the borrower their lump sum on the next business day. Businesses often close for holidays and weekends. Therefore, if you submit your application on a Friday, you might not get your money until Monday.
If you're looking for a same-day payday loan in Reading, OH, you will need to be sure that you're applying by 10:30 am. Any and all same-day payments going out that day will be approved by that time. However, you should submit an application earlier than that if possible, as it will increase the likelihood that you get your cash on the same day that you apply.
One other factor that you should understand is even if the money lender approves your application and posts the credit to your bank account, occasionally the bank won't release that deposit at that time. It's paramount that you let your bank know that you plan to get a payday advance loan, so they might make an exception in releasing the cash earlier.
On the whole, it's best to prepare ahead of time to get your loan on the following business day. That way, you're not surprised if you cannot receive it on the same day.
Consider Borrowing From Us
If you possess less than great credit or no credit and are looking to get a payday loan, consider applying with us, as you usually have a better chance of approval.
We partner with over one hundred different lenders who provide their services online. Much of the time you will receive your loan on the following business day so make sure that you plan accordingly.
Although, you can always find the nearest payday loan storefront to you and apply in person to boost the chances of receiving your funds on the same business day. When applying in person, make sure that you have your government ID or driver's license; a passport will work as well. Sometimes, lenders may require proof of address, so take along a utility bill to the store too.
To find the nearest cash advance loan store, please navigate to the list below and locate your city.
Payday Loan Direct Lender Companies in Reading, OH
Below you will find a list of payday loan companies offering their services in Reading, Ohio. If you can't find a lender near your location in Reading, 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 Reading, 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.