Defining Cash Advance Loans
A cash advance loan is a personal, short-term loan with high interest rates and additional fees. Also called payday loans, they give qualified borrowers a certain amount of quick cash plus interest.
They must repay the cash in full, including interest, by a due date. Payday loans often have due dates ranging from a week to two weeks after the disbursement date, depending on when the borrower receives their next paycheck.
To make it easier for both borrowers and lenders to track the interest rate and fees, the total number is consolidated into an annual percentage rate (APR).
These are key details and limitations for Youngstown cash advance loans:
- Minimum Loan Amount: $100
- Maximum Loan Amount: $1,000
- Maximum Loan Term: 31 days
- Minimum Loan Term: 14 days
- Number of Outstanding Loans: Up to four completed loans (only one at a time) in 1 calendar year
- Maximum APR: 28%
- Cooling-off Period: 90 days between each cash advance loan
- Extension Limit: One repayment plan
- Late Repayment Penalties: Up to $20
- Rollovers: Rollovers are prohibited.
Before starting the loan process, check that you can comply with these limits so you can repay your payday loan on time.
What You Need for a Cash Advance Loan in Youngstown
While getting a cash advance loan in Youngstown is relatively easy, licensed lenders require you to meet certain requirements and submit the necessary documents.
These are cash advance requirements in Youngstown, OH:
- Proof of income
- Active bank account
- At least 18 years old
- Valid government ID
- Ohio resident
How to Choose the Right Loan Type
While browsing for cash advance loans, you may encounter other loan types. Whether short or long-term, these loans benefit people who need emergency cash.
Here are three common loan types:
- Title Loans: A title loan requires a borrower to use a vehicle or home to secure a loan. However, they risk losing this item if they fail to repay the loan.
- Personal Loans: A personal loan provides cash for necessary expenses but comes with high interest and fees.
- Installment Loans: An installment loan is a long-term loan where a borrower must repay portions of the loan over a set term.
Get a Cash Advance Loan in Youngstown With Third-Party Lenders
Are you unsure where to get a cash advance loan in Youngstown, Ohio?
Our third-party lenders provide online secure, legal, and quick cash advance loans. These are some of the ways they help:
- Support for bad credit loans
- Get the loan by the same or next business day
- Secured data encryption
To enjoy these benefits, fill out our online inquiry form to start the inquiry process.
Bad Credit Youngstown Cash Advance Loans
Youngstown, OH, allows bad credit cash advance loans.
That’s because lenders usually use your ability to repay the cash advance rather than your credit history to approve it.
Cash Advance Loan Laws in Youngstown
Youngstown, OH, complies with Ohio’s Uniform Commercial Code, which oversees small loan regulations.
The code protects borrowers from predatory lenders. Ohio Rev Code § 1321.41(Q) states that a lender should not:
“Offer any incentive to a borrower in exchange for the borrower taking out multiple loans over any period of time, or provide a short-term loan at no charge or a discounted charge as compensation for any previous or future business.”
Conclusion
Any qualified Youngstown, OH citizen may get a cash advance loan when needed due to revised state laws protecting borrowers from high APR.
If you need quick cash, fill out our online inquiry form today to start the process.
FAQs
This section answers common cash advance loan questions.
You can only have one payday loan at a time in Youngstown. However, you may have up to four loans per year, with a 90-day cooling-off period between each.
People turn to payday loans due to a lack of other financial options or limited access to traditional credit.
Payday loans are exclusively short-term yet high-interest loans, while other loans may be long-term and provide higher borrowing amounts.