Have you been thinking about making a major purchase, consolidating your debt, or wondering how to finance a needed expense?
If so, you are joined by many others who are searching for personal loans in Ohio.
The good news is, there are online lenders who are eager to work with borrowers if you know where to look.
What is the economic climate in Ohio?
Ohio has a population of about 11.6 million and a median income of about $27,800.
About 14 percent of the population lives in poverty which is noticeably higher than the 12.3 percent rate of the nation as a whole.
With so many people in the state struggling, it is no surprise that the number of people looking for personal loans in Ohio is growing.
Payday Loans in Ohio
The first thing many people think of when they begin looking for personal loans in Ohio is a short-term loan.
These loans tend to be very popular because they can be quick and may be available to people who have bad credit.
These types of loans can be unsecured, which means they don’t require collateral.
At the end of 2018 House Bill 123 went into effect making sweeping changes to how businesses offer loans in the state.
The maximum amount of a payday loan in Ohio is now $1,000 and the term can be for no more than 12 months and no less than 90 days unless monthly payments are less than 7 percent of the monthly net income or 6 percent of gross income.
Both fees and interest collected is capped at 60 percent of the principal and borrowers are not allowed to have more than $2,500 total across multiple loans.
Where can I get a personal loan in Ohio?
When you first thought about looking for personal loans in Ohio, was one of your requirements that the lending institution be ‘near me’?
If so, you aren’t alone!
Many people begin their search for personal loans by visiting local banks, credit unions, and other lending institutions.
The truth is, you may be able to find a secured or unsecured personal loan more conveniently by searching online.
One of the easiest ways to find personal loans in Ohio is to use a online platform that helps connect consumers with a lender.
What are the different types of personal loans available in Ohio?
There are many different types of loans for those looking to borrow money in Ohio.
Some of the most popular include auto loans, debt consolidation loans, fast cash loans, and general personal loans.
What should I watch out for when requesting a personal loan in Ohio?
When shopping for personal loans in Ohio, it is always best to check that the lending institution is licensed.
The Ohio Department of Commerce maintains a number of helpful resources that will allow consumers to check potential lenders.
If you think a lender is not acting in accordance with the law, you can contact the Attorney General’s Office to file a complaint.
When searching for personal loans in Ohio, it is always best to do your research first and not hand over your personal information to companies making unsolicited loan offers.
Be sure to take advantage of all the online resources available and give yourself enough time to explore.
Disclaimer: This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.