If you need a payday loan in Cleveland, understand your options and alternatives. Pay attention to interest rates and fees, and consider if you want to apply online or in a store. We researched the best payday loans in Cleveland with an online or physical presence as well as the steps necessary to get a payday loan in Cleveland.
How to get a payday loan
Payday loans give you cash quickly, either in a store or online. Ohio is home to an estimated 650 lenders with a physical location. The majority of lenders offer fast online approval in minutes or hours.
About 10 percent of Ohio adults have obtained a payday loan. However, you may want to consider alternatives with lower or no interest and fees. Here are some options:
- Ask to borrow from a close friend or family member.
- If you need cash to pay a bill, try making a payment arrangement with the company or getting extra time to pay.
- Personal loans from local banks or credit unions may have better terms, yet may require good credit.
- Credit unions, non-profits and community organizations now offer payday alternative loans (PALs).
- Your employer may provide a payroll advance that you pay back on future paydays.
- Those with a 401(k) retirement account may have a borrowing option with minimal penalties, and you pay the debt back to yourself.
Finally, a credit card cash advance is another option, although interest and fees are typically high.
Are payday loans legal in Ohio?
Yes, as of July 2018, payday loans are legal in Ohio.
What are the limits for payday loans in Ohio?
The Ohio Short Term Loan Act of 2008 implemented a maximum loan amount of $500 with a maximum term of 31 days; however, most lenders operate within the Ohio Mortgage Lending Act and are able to offer between $500 and $1,500.
Can you get a payday loan in Cleveland with bad credit?
Yes, payday loans are generally available to Cleveland residents regardless of their credit history.
Can you be sent to jail for failing to pay back the debt?
No, criminal charges are not applicable to collection activity.
Cleveland payday loan requirements
To get a payday loan in Ohio, you must complete an application and have a government-issued ID, verifiable Social Security Number, active checking account and proof of regular income. Online payday loans also require an email address. By law, the company will disclose their payday lender rates, which are regulated by the Ohio General Assembly. You may want to do comparison shopping to find lower interest payday loans.
Cleveland Payday Loans Reviews
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