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Payday loans Columbus Ohio - Payday Advance Credit ™ USA

Are you in need of quick cash? Are you considering payday loans as your last resort to get out of the fix? Although these loan types are very heavily advertised it is very important that you educate yourself about the rules and regulations pertaining to these loans. If you miss out on reading the fine print these loans may end up costing you an enormous amount of money. So it is better that you make yourself familiar with what the lender can and cannot do when it comes to payday loans.

Majority of the states in the United States have laws in place in order to safeguard the American Debtors from the predatory lending practices of the payday lenders. Ohio is among the few states that have handed down its regulations for the payday loans. The following article provides the borrower with an overview of the regulations applicable in the state of Ohio.

Ohio uses to be a payday lender friendly state, but in 2008 the rules were changed to prevent abusive practices like charging extremely high rates for missed payments and rolling over of payday advances. Under Ohio’s new STLA or Short Term Loan Act, the lenders must give the borrowers with the option of extending their loans up to 60 days, and the lenders cannot charge any additional fee for the same.

Payday loans in Ohio also has a limit on the amount that a payday lender can offer to the consumer. Lenders are not allowed to issue any payday advances that are more than $500. Additionally, they interest on the payday loans has been limited to 28% and the lenders cannot charge more. Many payday lenders might charge interest rates as high as 300%, this is not in accordance with the STLA and must be reported.

A vast majority of customers were earlier entrapped into a vicious debt cycle. Such occurrences were partially due to the limited time that the borrowers had for repayment of their loans. Most of the payday advances were usually payable within 2 weeks from the date of approval of loan. According to the new laws the lenders must provide the borrowers with a minimum of 31 days for repayment of payday advance. Furthermore, if a borrower misses a payment they only have to pay a nonsufficient funds charge of $20. In order to offer loans in the state of Ohio the payday lenders are required to obtain a license. Also they must be physically present in the state in order to offer advances to the borrowers. This helps to ensure that the lenders would play fair while issuing money to the borrower.

A written agreement must be created by the payday lender for issuing a payday loan. This agreement must be made in an easy to understand format and highlight all the important information. The lender must clearly state in the agreement that the interest rates offered by them are higher than that offered by other loan issuing parties. They must also mention the appropriate fee, due dates, charges and other relevant and important information.

Our lending process is free of any catches and hidden clauses, because we answer all your doubts and explain the lending process explicitly to our buyers. Whether you have hundred questions or one, we make sure that each of them is answered to your utmost satisfaction before and after applying the loan.

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Disclaimer : Payday advance credit is not a financial organization or a lender. We do not provide loan or make decisions relating to the lending policy of our lenders. When you apply for a payday loan by filling out the application form available on our site, it does not guarantee approval of the loan. We forward your filled form to our network of lenders, who then evaluate your application based on their set criteria and approves your loan. Based on your application, our lenders will offer you the rate of interest, charges involved and other terms guiding your loan process. Once you get the offer from the lender, you can then decide whether you need to accept the amount or not. Payday advance credit does not play any role in deciding your loan amount, interest charged or any other terms related to it. We advise our clients to read the terms and conditions properly and weigh the pros and cons that follow before signing the contract. We make our earnest effort to provide you with up to date and explicit information on our site. If you decide to accept the offer, then you will have to sign the documents electronically and send it over to us. After you duly sign and agree to the agreement, we will then put forward the amount in your bank. We are in no way obligate you to accept the loan amount after the offer is made. You are solely responsible to accept the loan amount based on your personal decision. Some of our lenders will run a credit check on your name to ensure your capability to repay the loan. The verification won't affect your credit history and is performed by lenders to cover risks associated with lending money. Payday advance credit reserve the right of making any changes on our website without intimating the clients in advance. The updated information is effective from the time it is updated and it is the responsivity of the customer to read them prior to applying for a loan. Payday advance credit or its affiliates do not guarantee availability, performance accuracy and functionality of the third party software working on our website. Any transactions occurring between you and payday advance credit is subjected to local jurisdiction regardless of the place where you reside. Payday advance credit or its affiliates does not guarantee the performance, availability, functionality and accuracy of the third party software present on its website. All the transactions between Payday advance credit and you are subject to the local jurisdiction regardless of the location where you live when you accept a short term loan or advance credit. We advise you to go through rates and fees section on our site to understand the laws and terms that follow your agreement. Our terms of use will help you in gathering more information on the loan process, products and services to understand it thoroughly. Read our privacy policy to understand rules and regulations to understand the collection, use and distribution of personal and non­personal information that's been gathered from customers by Payday advance credit or any affiliates. Privacy Policy