If you need extra cash and can’t wait until the next check, one option is a payday loan. With this type of short-term, high-interest loan, you can qualify for up to $1,000 and get money the same day. To help you understand how these loans work and where to find reputable lenders, we researched the best payday loans in Cincinnati.
Payday loans are ideal for those who need extra cash to cover bills or an unexpected expense between pay periods. This type of borrowing comes with high interest rates, so it’s best to first consider payday loan alternatives like loans from family members or extensions from creditors.
Those who choose to take out payday loans in Cincinnati generally find them to be fast and convenient. Most payday companies don’t mind lending to residents with bad credit. Approvals are almost instant, and most lenders offer same-day cash or electronic transfer of funds within 24 business hours.
Before applying, be sure you understand laws regarding payday loans in Cincinnati, which were overhauled in late 2018 to the benefit of the consumer. Here are some key changes:
The maximum loan amount is $1,000.
The maximum loan term is 12 months.
Fees and interest can’t exceed 60% of the principal.
Monthly fees can’t exceed $30 or 10% of the principal, whichever is less.
Loans under 90 days are illegal unless the monthly payment does not exceed 7% of borrower’s net monthly income or 6% of gross monthly income.
Borrowers can take out a maximum of $2,500 across loans.
Payday loan requirements are straightforward. To qualify, you must have a valid ID, an active checking account and proof of income. You may also be asked for a Social Security number. Some lenders require you to visit one of their locations to complete the loan, while others provide online loans with electronic transfers.
When taking out a payday loan in Cincinnati, only borrow what you can afford to pay back. In the event you are unable to pay back the loan, the lender may take legal action, but remember: Payday loan companies can’t harass you, and you can’t go to jail for defaulting.
Speedy Cash makes it easy to sign up for installment loans, which allow Cincinnati residents to borrow up to $1,500 and repay over a longer term. Complete the application online and get an instant lending decision, then get funds deposited directly to your checking account by the next business day. Reviewers say every part of the Speedy Cash transaction is fast, calling the experience hassle-free and recommending it to others.
CashNetUSA has helped over 3 million customers handle financial emergencies with its online lending platform. Cincinnati residents can fill out a quick application for up to $850, get an instant decision and even qualify for same-business-day funding. An in-house customer service team is available seven days a week. CashNetUSA gets positive reviews for clearly explaining terms and conditions and issuing quick approvals.
Advance America is a national company that has funded millions of payday loans in over 20 years of business. Cincinnatians can apply online and be eligible for same-day funding or visit one of the several area locations and receive money in person. Customers speak highly of Advance America’s friendly and fast service in Cincinnati.
Check 'n Go
Check ‘n Go is a national company with headquarters in Cincinnati. Customers can apply in minutes for a payday loan online and receive funds as soon as the next business day. If you’re more comfortable applying in person, it’s easy to visit one of the Cincinnati-area stores, where you can get money on the spot. Reviewers say Check ‘n Go staff are polite and good at explaining the lending process.