Akron Payday Loans
An OppLoans Guide to Getting The Help You Need
Life in Akron cab be full of surprises: some good, some bad. A surprise that no one wants to be saddled with is a sudden, unexpected financial emergency. These emergencies can arise for a variety of reasons like loss of a job, a medical bill or a car accident. Being burdened with a financial hardship like this can make it difficult to pay rent, bills or even to put food on the table. And these emergencies can go from bad to worse if you can’t get a loan from a traditional bank or if you don’t have a credit card. But don’t panic, there are organizations in Akron whose mission is to help people in difficult or desperate financial situations.
Borrowing Money in Akron
Perhaps the reason you need help isn’t listed above. Maybe you need cash quickly and don’t know where to turn. There are options for you. Akron has lots of storefront and online loan companies that offer loans to people who need them desperately. But some of these loans are dangerous.
There are loans that offer quick cash in exchange for high fees and interest rates, and they come with the danger of falling deeper and deeper into debt. If you’re desperate for money, these loans may seem like a way out, but they can also make things worse. There are three types of loans that you should watch out for. Read on to learn the Truth about Payday, Pawnshop, and Car Title Loans.
Payday loans in Akron
A quick but predatory loan.
One way to get cash fast is a payday loan, but is it worth the risk? These loans are accessible online and at storefronts all over Akron. These loans offer a relatively small amount of cash, and in return you pay the loan back on your next payday. Payday loans offer fast cash but they also tend to prey on people with low incomes.
Before you take out a payday loan, learn details and important information at the Payday Loan Consumer Information site, which offers facts, research, and consumer help. The site also states the how laws regulate payday loans state to state. In Ohio the maximum amount you can borrow through a payday loan is $500 and the highest APR that lenders can charge for a 14-day loan is 28%.(2)
The high rates and fees associated with payday loans cause lots of people to get trapped and unable to pay these loans back. Payday lenders maximize their profits when customers “roll over” their loan. Meaning lenders benefit when a customer is unable to repay the loan at the agreed upon due date and is forced to extend it. Thankfully in Ohio rollover is not permitted, but you can be charged collection fees.(2)
See more local Ohio Subprime Reports below:
Akron Payday Loans | Canton Payday Loans | Cincinnati Payday Loans | Cleveland Payday Loans | Columbus Payday Loans | Dayton Payday Loans | Freemont Payday Loans | Lima Payday Loans | Springfield Payday Loans | Toledo Payday Loans | Youngstown Payday Loans
- “Veteran Homelessness Facts” Green Doors. Accessed February 19, 2016. https://www.greendoors.org/facts/veteran-homelessness.php.
- “Ohio State Information” Payday Loan Consumer Information. Accessed February 19, 2016. https://www.paydayloaninfo.org/state-information/43.
- Dewine, Mike. “Car Title Loans and What You Can Lose.” Ohio Attorney General. June 22, 2013. Accessed February 19, 2016. https://www.ohioattorneygeneral.gov/Media/Newsletters/Consumer-Advocate/June-2013/Car-title-Loans-and-What-You-Can-Lose.
- “Tips for Buying and Selling at a Pawn Shop” Moneymanagement.org. July 19, 2011. Accessed January 6, 2016. https://www.moneymanagement.org/Community/Blogs/Blogging-for-Change/2011/July/Tips-for-buying-and-selling-at-a-pawn-shop.aspx.
- “Ohio Laws and Rules.” Law Writer. Accessed February 19, 2016. https://codes.ohio.gov/orc/4727.
- Ohio Subprime Report.
*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.