Cleveland Payday Loans: Subprime Report
An OppLoans Guide to Getting The Help You Need


Life has its share of unexpected challenges, including financial challenges. For a lot of us, an unexpected hardship like the loss of a job or a medical bill can make it difficult to pay rent or put food on the table. And it can be even more difficult if you can’t get a loan from a traditional bank or don’t have a credit card. Not to worry, there are organizations in Cleveland here to help people in desperate or difficult financial situations.

Borrowing Money in Cleveland

Maybe you need cash for another reason all together. If so, you still have options. Cleveland has countless storefront and online companies that offer loans to people who need them. But some of these loans can be quite risky.

Many loans carry high fees and the danger of falling deeper into debt. In a dire financial situation, these loans may seem like the answer, but they could make things worse. Below are some of the loans that you should watch out for.

Payday loans in Cleveland
A risky and often predatory loan.

Payday loans offer cash fast but most likely it’s not worth the risk. You can get these loans online or in person all over Cleveland. Usually these loans get you a small amount of cash when you promise to repay the loan by your next payday. Payday loans are convenient for quick cash in a pinch, but they often prey on people with low incomes.

Before pursuing a payday loan, get details and information by visiting the Payday Loan Consumer Information site, which provides facts, research, and consumer help. The site also explains the laws that govern payday loans in each state. In Ohio the maximum amount you can borrow is $500 and the highest APR that lenders can charge for a 14-day loan is 28%.(3)

Payday loans have extremely high rates and fees causing many people to get trapped in these loans. Payday lenders make money by having customers “roll over” the loan. Meaning they benefit when a customer cannot repay the loan at the agreed upon due date and is forced to extend it. Fortunately in Ohio, rollover is not permitted, but you can be charged collection fees. 3

If you’re dealing with a payday loan, you need more information or have a complaint, contact the Ohio Department of Commerce or the Consumer Financial Protection Bureau at 855-411-2372.

Subprime Reports

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

References:

  1. “Veteran Homelessness Facts” Green Doors. Accessed February 19, 2016. https://www.greendoors.org/facts/veteran-homelessness.php
  2. “Home Insecurity” Ohio Policy Matters. Accessed February 22, 2016 https://www.policymattersohio.org/foreclosures-may2013
  3. “Ohio State Information” Payday Loan Consumer Information. Accessed February 19, 2016. https://www.paydayloaninfo.org/state-information/43
  4. 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.
  5. “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
  6. “Ohio Laws and Rules.” Law Writer. Accessed February 19, 2016. https://codes.ohio.gov/orc/4727.
  7. Ohio Subprime Report

*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.