Springfield Payday Loans: Subprime Report
An OppLoans Guide to Getting The Help You Need
Life in Springfield can be difficult. Nearly 17% of residents in Springfield live below the poverty level. This is about 6% higher than the state of Ohio.(1)
Struggling to find affordable healthcare, substance abuse treatment or senior services are real problems that people in Springfield deal with regularly. Fortunately, there are several city and private programs that are dedicated to helping Springfield residents in times of need.
Borrowing Money in Springfield
If you need money in Springfield, rather than the assistance of social services, there are still options for you. There are a number of personal loans available that can provide the quick cash you need in an emergency. It’s important however to be careful about where you’re getting this cash. Many lenders are predatory and seek to take advantage of you with sky-high interest rates, finance charges, prepayment penalties, rollover fees and more. They benefit from your lack of options and funds. So stay on the lookout, and make sure you know what to watch out for in the world of personal loans.
Payday Loans in Springfield
Borrowing shouldn’t be so expensive and risky.
If you’re looking for a quick and easy cash advance in Springfield that won’t break the bank, you may want to skip right over payday loans. Odds are you’ve seen ads on TV, billboards and the internet for “speedy cash”, or “quick cash for emergencies”. While the cash you get from a payday loan may be speedy, it certainly isn’t safe.
Most people have access to payday loans. To get one, you simply give the lender a post-dated check for the amount you’re borrowing as well as interest and additional fees. They then give you a cash loan. On your next payday the lender will cash the check to get their money back.
This becomes a problem however if you can’t afford to pay off the loan. This leads to “rollover“. Rollover is when the lender extends the loan and charges you more fees. This is a very common practice with payday loans because they’re difficult to pay back on time.
In 2008, Ohio passed a law that placed more restrictions on payday lenders to protect borrowers. The law states that the most anyone can borrow is $500, for no less than 31 days at an APR no higher than 28%. And if the lenders followed these laws borrowers would be a lot better off. Unfortunately they found loopholes that allow them to continue charging APRs upwards of 600%, with repayment periods of only 14 days.(3) This makes these loans very difficult to pay off.
If you’re looking for fast cash, payday loans in Springfield are a dangerous option at best. Shop around for a better loan with more reasonable terms. If you have questions or complaints about a payday loan in Springfield, reach out to the Ohio Department of Commerce or the Consumer Financial Protection Bureau.
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
- “Springfield, Ohio Poverty Rate Data” City-Data.com. Accessed February 26, 2016. https://www.city-data.com/poverty/poverty-Springfield-Ohio.html.
- “Consider Alternatives Before Obtaining Auto Title Loan” Ohio State Bar Association. Accessed February 24, 2016. https://www.ohiobar.org/ForPublic/Resources/LawYouCanUse/Pages/Consider-Alternatives-before-Obtaining-Auto-Title-Loan.aspx.
- “Ohio’s Payday Lending Landscape: New law, same old loans by Policy Matters Ohio.” Consumer Federation of America. Accessed February 17, 2016. https://www.consumerfed.org/pdfs/Payday-Lending-Ohio-Fact-Sheet.pdf.
- “Chapter 4727: PAWNBROKERS.” LAWriter: Ohio Laws and Rules. Accessed February 17, 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.