Cash Advance Loans Defined
A cash advance loan is a personal loan that provides access to emergency money in set amounts. The borrowed money is typically in smaller amounts, with the due date landing on the borrower’s next payday.
However, Akron stands out by having longer repayment terms than other cities.
Also known as a payday loan, this type of financial instrument requires paying interest rates and fees. A payday loan has higher fees due to the added risk lenders take on due to the quick repayment terms.
A lender consolidates interests and fees in the loan agreement to an annual percentage rate (APR). While APRs in Ohio used to be one of the highest nationwide, they are now capped at 28%.
Before you start borrowing money from Akron lenders, check these payday loan regulations:
- Minimum Loan Term: 91 days
- Maximum Loan Term: 1 year
- Minimum Loan Amount: $100
- Maximum Loan Amount: $1,000
- Rollovers: None
- Number of Outstanding Loans: 0
- APR and Finance Charge: 28%
Akron prohibits people from borrowing more than $2,500 at one time from more than one lender.
What You Need for an Akron Cash Advance Loan
Consumers interested in an Akron cash advance loan must meet these requirements or submit these documents to a licensed lender:
- Ohio resident
- Proof of income
- Active bank account
- Valid government ID
- At least 18 years old
- Contact information (phone, email address)
Picking the Right Type of Loan
Though cash advances remain popular despite the higher interest rates, various other loans are helpful for different financial situations.
Before starting the inquiry process, check that you make the right loan choice depending on what you will need the money for.
These are a few different loan types and how they impact your needs:
- Installment Loans: Installment loans are long-term loans providing larger cash amounts with set repayment terms for several months.
- Mortgages: Mortgages provide homeowners money to own a home, but real estate is used as collateral to approve the loan.
- Title Loans: Title loans use possessions like homes or vehicles to approve the loan, but lenders will repossess the collateral if the loan is not paid.
- Personal Loans: Personal loans give you a lump sum to repay on set terms, like installments or cash advances.
Getting a Cash Advance Loan in Akron With Third-Party Lenders
When searching for lenders, viewing many options online may be overwhelming.
Our third-party lenders can provide almost same-day cash advance loans with manageable payment terms without hard credit checks.
Start the inquiry process by filling out our easy-to-use online inquiry form. After pre-approval, a lender will contact you and help you get your money.
Can You Get Bad Credit Cash Advance Loans in Akron?
Akron allows bad credit cash advance loans since lenders will typically focus more on your ability to pay the loan rather than your credit history.
Regulations and Laws Concerning Cash Advance Loans in Akron
The Truth in Lending Act requires lenders to provide accurate loan information so that they can check what other lenders offer before making a decision.
OH Rev Code § 1321.41(R) limits borrowers from taking out too many loans in one year, saying that lenders cannot: “Make a loan to a borrower if the borrower has received a total of four or more loans, from licensees, in the calendar year.”
Conclusion
Thanks to laws over borrowing amounts, taking out a payday loan in Akron is easier.
Fill in our online inquiry form with the details of your loan needs to start the inquiry process. Afterward, one of our third-party lenders will get in touch to help continue the process.
FAQs
In this section, we break down common questions on cash advances.
Many still rely on payday loans due to the need for emergency cash within the same or the next business day.
Loan consolidation means combining multiple outstanding loans into one loan. Get a different personal loan and then use funds from this new loan to pay off outstanding loans.
In Akron, you can only have one payday loan at a time.