Columbus is the state capital of Ohio. It is considered the largest city in the state. Total population is equal to 867,628. 48.8%/51.2% – male/female share of the population. Median age is 32. Median earnings of people over 25 are $36,585. Median household income is $61,112. The poverty rate – 20.4%. 45% is the rate of taken out payday loans Columbus, Ohio. Almost 35% of people are living alone. Median gross rent is $928. Median house value is $143,000. Standard Zip codes are 43202, 43205, 43214, 43215, 43217, 43223, 43203, 43204, 43206, 43219, 43222, 43224, 43232, 43240, 43201, 43210, 43211, 43227, 43229, 43231, 43235, 43085, 43213, 43207, 43209, 43230, 43228, 43220, 43221, 43212. Time Zone is America/New_York.
What are payday loans Columbus, Ohio?
Payday loans Columbus, Ohio are a loan of a relatively small amount of money for a term, usually up to one month (30 days). It is issued by microfinance organizations (MFOs), the main advantage of which are simplified credit terms.
Features of short-term loans
Using the services of payday lending services, keep in mind that you need clear confidence in the fulfillment of your obligations, otherwise significant problems may arise.
It is known that the bad credit history does not play a significant role in issuing payday loans in Columbus, Ohio. As long as they themselves do not face the inability of the client to return the funds. Then collectors come into play.
Nevertheless, if a person took out a loan and returned it in a timely manner, such microcredits can correct the shortcomings in the history, and subsequently issue a more significant loan from the bank.
The difference between payday loans and bank loans
As a rule, banking institutions provide loans to borrowers who, according to the bank’s credit policy, are considered trustworthy. At the same time, banks also do not have to present a certificate of income, if the desired amount is not too large.
In turn, to get a payday loan in Columbus, Ohio, it is often enough to show only an ID. The loan is provided without collateral and guarantors. The downside of small loans is certainly the high loan rate – up to 1-2% per day.
When should I contact the payday lending company?
Payday lenders come to the rescue when money is needed urgently, instantly. Usually loans Columbus, OH are provided as “payday money” for the purchase of small and large household appliances, furniture, repairs, treatment, vacation or other needs.
You can also contact the MFI if banks for some reason do not provide you with a loan. Such reasons may be a bad credit history or an unsatisfactory credit rating.
In order to get money from an online lender, only an ID is often needed from the documents. And checks on the reliability of the borrower are more superficial than bank checks, or are not carried out at all. You will need to fill out a simple application where you need to specify your contact details and income.
Advantages of payday loans
The main advantage of online lending is that the borrower does not need to visit the office to issue a loan. Microfinance organizations issue payday loans Columbus, Ohio fairly quickly, because their schemes of interaction with customers are thought out to the smallest detail. Many companies offer the opportunity to get cash advance without an email or phone number. To search for an organization, you can use an online service where you can get acquainted with the terms of cooperation and rates from different MFIs.
Why do borrowers increasingly choose payday loans, and not loans from banks:
- Quick application and convenience. To issue a loan, it is enough to determine the organization with which you want to cooperate, as well as register in your personal account on the company’s website. When registering, you must specify the correct data, and then apply for funds. In fact, in order to borrow, you only need a computer or smartphone with Internet access. Each site has an online calculator with which you can calculate how much money you will have to take out.
- The money is credited max. within 24 business hours. When applying for a bank loan, be prepared to spend more than one day getting certificates from your place of work, searching for guarantors, etc. Such a procedure takes a lot of time, but this does not apply to microfinance companies. By making a loan online, you can expect to receive funds within several hours. Money can be collected from the company’s office in the form of cash, or you can receive a transfer to a card.
- Credit history doesn’t matter. If you compare it with a bank, then there is always a risk of refusal, in particular, if one of your relatives has previously allowed delays. Microfinance companies are more loyal to their customers in this regard. As a rule, even if the payment was not made on time, there are no problems with loans. The main thing is that there are no open loans.
- Favorable terms of cooperation. The so-called fine print, which is often practiced by banks, leads to the fact that the client overpays, and often quite a lot of money. As for MFIs, such organizations are characterized by transparent terms of cooperation.
- Mobility. If compared with the same banks, a microfinance company will issue a loan even to those customers who are far from the company’s office. In other words, physical location doesn’t matter. This is an especially convenient option for those who are vacationing outside the city or traveling.