Youngstown Payday Loans: Subprime Report
An OppLoans Guide to Getting The Help You Need
If you’re at the halfway point between Chicago and New York, you’re in Youngstown, Ohio — or “Steel Valley”. Youngstown is a safe, entrepreneurial and industrial city that Forbes Magazine recently named “The Fourth Best City for Raising a Family.”(1) While the cost of living is low and the quality of education is high, many in this rustbelt city are still feeling the pain of the economic downturn.
Borrowing Money in Youngstown
Some situations are beyond the power of money to solve. Addiction, homelessness and disease require very specific solutions. Other issues you might face can simply be alleviated in the short term with a safe cash loan. It’s not hard to get a short term loan in Youngstown, but sometimes it can be hard to determine which lenders are safe, and which lenders are simply out to get you. If you have to borrow money, then you want to make sure you do your research first and make the smartest, most responsible choice for yourself that you can.
The following information will explain multiple types of loans, including which are predatory, and which are more reliable.
Payday Loans in Youngstown
Payday for the lender, maybe.
If you’ve ever had a payday loan, then you probably know the pain and agony they’re so famous for. If you’ve never had one, now is not a good time to start.
The reason Payday Lending has such a bad reputation is because the loans themselves aren’t structured to be paid. They’re actually designed to be “rolled-over“. So what does that mean? When you visit an online or storefront payday lender, you’re expected to write them a check dated for your next payday. The amount of the check is whatever you’re borrowing, plus their fees. The fees generally equal twenty five dollars for every hundred dollars borrowed, while that may not sound like a lot for a one to two week loan, imagine if you stretched that period out to a year. You’d be paying an annual percentage rate of roughly 400% for that loan. If you can’t pay it back by your next paycheck, they’ll allow you to “roll-over” the loan, or extend the term for another set of fees. Imagine doing this again and again, and it’s easy to see how people end up paying hundreds of dollars in fees for that supposedly “small” loan.
Payday Lending is an example of “predatory lending” and lawmakers have caught on. In 2008, Ohio enacted laws to restrict payday lenders.(3) But the lenders found loopholes and they’re still operating throughout Ohio and Youngstown.
To file a complaint about a payday lender in Youngstown, contact the Ohio Department of Commerce, Division of Financial Institutions at (866) 278-0003 or the Consumer Financial Protection Bureau at (855) 411-2372.
Personal Installment Loans in Youngstown
Build your credit and get the money you need.
If you need money for a living expense, or an unexpected need, then why not get it responsibly? There is no shortage of ways to get cash fast, or get a quick short term loan, but as discussed above, so many of them are predatory, unfair, and dangerous. A personal loan from OppLoans is a safe alternative that actually builds credit.
OppLoans personal loans have longer terms, lower rates and offer higher loan amounts ($1,000 – $5,000) than other lenders and OppLoans always strives to deliver fast, flexible, fair and five-star service:
- Fast: Apply online and find out if you’re approved in minutes. Once approved you can get your cash as early as the next business day.
- Flexible: We offer longer terms, larger loans, and affordable, fixed payments. Your monthly payment will be the same throughout the life of the loan.
- Fair/Five-Star: Customers rate us 4.9 out of 5 stars for our friendly service. We also provide discounts for credit education.
To see if you qualify for a safe and secure OppLoan, fill out a fast online application and you can have funds in your bank account as early as the next business day.
Ohio Subprime Reports:
- Van Riper, Tom. “The Best Cities for Raising a Family.” Forbes Magazine. Accessed March, 9, 2016. https://www.forbes.com/sites/tomvanriper/2012/04/04/the-best-cities-for-raising-a-family/#66578eb75cc5.
- “Youngstown Among the Poorest Cities” WKBN.com. Accessed March 9, 2016. https://wkbn.com/2014/09/18/youngstown-among-the-countrys-poorest-cities/.
- Candisky, Catherine, Ludlow, Randy. “Court sides with payday lenders.” The Columbus Dispatch. Accessed February 17, 2016. https://www.dispatch.com/content/stories/local/2014/06/11/payday-lending-ruling.html.
- Mayeker, Ram. Zimmerman, Terry. “Consider Alternatives Before Obtaining Auto Title Loan.” OhioBar.org. Accessed February 17, 2016. https://www.ohiobar.org/ForPublic/Resources/LawYouCanUse/Pages/Consider-Alternatives-before-Obtaining-Auto-Title-Loan.aspx.
- “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.