Consider Other Lending Options Before A Payday Loan
If you are in trouble financially, then getting a fast payday loan might be the best option out there. We all know the economy is improving but it’s apparent that it’s taking longer to catch up here in Ohio. The median family income in Ohio at around $50,000 is still on the lower end when compared most other states. Ideally there would be enough cash to where a short term loan is the last resort. While an online advance is not the ideal situation for most folks, it may be the only option. How do you know if you are right for a payday loan or installment loan? Well, you must think about your long term credit situation in addition to the short term situation that is currently plaguing you. Most people go for these types of loans if they are facing a short term emergency and simply will not have the money for it until they get another paycheck. Think, for example, about if you have a check that is about to bounce or you suffer some car trouble. In these cases, you need a medium amount of money in a hurry. If you do not have close family to turn to, getting a cash advance loan is probably right for you.
The advantages that come with a payday loan are apparent, but there are some cons as well. For folks who need a little bit of money, you just need to make sure the advantages outweigh the negative problems. Sometimes it’s best to look into an installment loan as you can be eligible for a much larger amount of cash. Most legitimate installment loan lenders will lend over a thousand dollars in Ohio as long as you have a good credit score and employment history. The good thing about a cash advance loan is that it will allow you to bypass regular loan sources like a bank. Banks are good for those big purchase loans as they provide the best interest rates and impeccable service. If you have large amounts of debt or you do not have a long standing job, most banks will refuse to help you, though. Same is true for those with bad credit or past bankruptcies or credit card charge offs. This is not because a bank or credit union doesn’t want to work with you. It simply does not make good business sense to help a person out if they might not be able to pay the loan back. Banks got burned by bad vehicle and mortgage investments during the recession and it will be while before they increase their lending.
Most quick cash advance loan companies will give you a online loan if you have some proof of employment and you do not have too much outstanding debt. Here in Ohio you can find dozens of payday loan companies in cities like Dayton and Cleveland. Same is true in Cincinnati but always check for local regulations that limit the rates and terms and the overall amount of money you can borrow. Some of these places will even go so far as to grant you a loan without even checking a credit report. If your report has some nasty blemishes on it from your troubled past, then this is a good thing for you. Obviously, these people know that you are coming to them in a time of need and they will exploit you to an extent. You must be prepared for this. Your situation dictates that you need the money in cash form. Because of this, expect to pay a pretty hefty interest rate.
It makes sense to consider an Ohio payday loan if you want to avoid a few bank charges for over drafting your account. Or you are going to incur late fees on some sort of payment like a mortgage or car loan. In these specific cases a cash advance loan might make sense financially. To decide which one is right for you, consult different funding sources and figure it out. Start by comparing the many Ohio lenders listed in our online directory. Some of these companies operate as a credit services organization and will refer your loan details to another company. With some simple research and a little bit of business sense, you can have money in hand in a hurry.