In modern life, debt is an inescapable reality. However, consumers do not need to be buried in debt simply to get by. When financial difficulties arise, individuals should research getting a cash advance in Akron, OH to help change their outlook and relieve their economic burden.
A cash advance in Akron, OH may also typically be referred to as a payday loan. These types of loans are attractive to consumers because they offer an alternative to loans acquired at more traditional financial institutions like banks and credit unions. Most consumers will go through the process of getting a loan at a bank several times in their lives, whether the loan is for a car, a home, an education, or some other purpose. This is often a complex process requiring a great deal of disclosure on the part of the consumer concerning their credit history, any collateral they may possess, and a precise explanation of how the funds from the loan will be used.
For consumers who wish to get a cash advance in Akron, OH the process is quite different and much simplified. For starters, most payday loans do not require a review of the individual’s credit history, nor do they need to put up any collateral to receive the loan. Also, the funds may be used in any way the consumer wants, without requiring that the specific use of the funds be disclosed to the payday loan business.
However, this process is not without its rules and regulations. Getting a cash advance in Akron, OH is governed by state laws that are meant to protect consumers from predatory practices that have sometimes been utilized by cash advance companies. In Ohio, such a business may only loan a maximum amount of $500 to any person for a given time period. Also, the period for repayment of the loan must not exceed six months. This ensures that the payday loan exists for only a short period and does not become a long term debt which the consumer must repay over the course of many months or even several years at a punitive interest rate. Ohio businesses that offer payday loans are permitted to charge an interest rate of up to 5% per month. Lenders in this state may also charge an origination fee and check collection charges, though these fees are also regulated to keep them at a reasonable level.
Consumers make seek a cash advance in Akron, OH for a variety of reasons, whether it is to cover an unexpected emergency or a larger than usual bill. With several lender laws in place to protect the consumer, people have the option of resolving money difficulties in a simple, reasonable manner.