Fair to Bad Credit Loans in OH
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Last updated October 14th 2018
Commentary is for informational purposes only. See legal disclaimers here.Trouble Getting Approved in Ohio?
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Ohio Usury and Regulations
Summary of Ohio Usury Law(s) / Quote: "Legal: 5% Contract: 8% but rate not limited for business loans / Judgment: 7% / Corporate: No specific rate"
(WeFindLenders.com endeavors to include the most up to date legal data for Ohio, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Ohio, and/or contact the Ohio State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)
Code § 1343.01 (Ohio Usury Law Snippets Of Interest)
The snippets of interest are from the Ohio legal codes and rules document. Read full document here on the Ohios State website.
Snippet 1.) § (A): Quote: "The parties to a bond, bill, promissory note, or other instrument of writing for the forbearance or payment of money at any future time, may stipulate therein for the payment of interest upon the amount thereof at any rate not exceeding eight per cent per annum payable annually, except as authorized in division (B) of this section."
Snippet 2.) § (B)(6)(ii) Quote: "Any loan which otherwise qualifies as a business loan within the meaning of division (B)(6) of this section shall not be deemed disqualified because of the inclusion, with other security consisting of business assets of any such obligor, of real estate occupied by an individual obligor solely as his residence."
Ohio Lenders By City
Columbus OH / Cleveland OH / Cincinnati OH / Canton OH / Parma OH / Akron OH / Dayton OH / Toledo OH / Lorain OH / Colerain Township OH / Elyria OH / Cuyahoga Falls OH / Middletown OH / Cleveland Heights OH / Strongsville OH / Findlay OH
Complaints
to:
Ohio Department of Commerce / Division of Financial Institutions /
21st Floor - 77 South High Street / Columbus, Ohio 43215-6120 / 866.278.0003
or 614.728.8400 / Fax: 614.644.1631 / Ohio
State Department of Commerce / Online
Complaint Form For Print Off
Ohio Lender Service Areas Map
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or tap map image above for interactive version. Active lenders in WFL pool
serving Ohio are based in Columbus, Cincinnati, Cleveland, Dayton,
Akron, Toledo, Youngstown Andrew needs a $9000 debt consolidation loan in
OH. He has had a tough time over the past year but believes he is
getting his life and finances back together. He just needs to consolidate
is debt so that he is making one payment based on a low interest loan. There was a storm last month which toppled trees
in his area and tore off part of his roof. He has insurance, however
they did not cover everything that needed to be repaired. He needs
another $3000 to deal with the remaining damages. There is another
$1500 he owes on one of his credit cards which is past due and generating
an interest expense at 21%. All of this is too much for him. If he
can consolidate these debts and get his interest charges lower, he
will be able to lower his payments and pay off this debt. Going to a payday loan lender was one of them. They
charge a great deal for these loans between the interest charges and
the fees to process the loan. Andrew just had too many expenses that
came all at the same time, including the damage to his home caused
by the storm. If you live in the State of Ohio and
you're struggling with a bad credit rating we hope our website helps
you in some way. Sincerely, Chris Somerset Chris
Somerset is the daughter of Lance Somerset who founded the We
Find Lenders Pool. She contributes to WeFindLenders.com whenever
she's not having fun with her three children and her husband Ron.
Lenders contact
us for listing removal or amendment.
Bad
Credit Loan Form for Ohio
Bad Credit
Loan Example In Ohio
He has a number of debt problems. He owes a payday loan of $1500 which
is based on a really high interest rate and high fees. Next he needed
to fix his car which cost him another $3000 for new tires, and other
general repairs.
Andrew has a steady job and his wife also works. Together they make
enough to cover all of their expenses. He plans to finish the repairs
himself and just needs the remaining money for materials he will need
to purchase. The past year has been a nightmare for him and he just
wants it to end.
A $9000 loan in with a one-year term and an 11% interest rate could
cost him the following:
• Loan Amount (principal) = $9000
• Interest Rate = 11%
• Term Length = 4 year
• Monthly Payment = $232.61
• Total Paid Back = $11165.27
• Total Interest = $2165.27
Andrew certainly has had his share of problems in the past few months
and these unforeseen expenses can sometimes really cause consumers
to make bad financial decisions.
Fortunately for Andrew and his wife we found a lender willing to loan
him the $9000 he was looking for at a reasonable interest rate. He
was able to repay his credit card, the payday loan lender and pay
for the remaining damages to his home that needed to be repaired.
He found that he did not need quite as much money as he thought. With
the extra money he made an extra payment on the loan which will shorten
his term and reduce his overall interest costs.
Andrew and his wife should have no problem applying for a debt consolidation
loan in the future if they need one. His credit is good and if he
is able to pay off this loan on time or even early, his credit rating
will improve. Hopefully this is the last of Andrews financial problems
for awhile.
Debt Consolidation Loans in In OH
Last 5 debt service loans approved in the State of Ohio. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.
$5500 $45000 $7500 $8500 $60000
12.83% 13.34% 14.96% 10.97% 15.38%
Click
or tap map image above for interactive version. Columbus Metro Federal Credit Union Columbus First Bank Cinfed Credit Union Guardian Savings Bank Steel Valley Federal Credit Union Dollar Bank Toledo Police Federal Credit Union Signature Bank Youngstown Ohio City Employees FCU Farmers National Bank Regardless of the why you need
to consolidate your debt, there is one tip that is most important. Once
you've been approved for your loan there is something important to keep
in mind. It's common for consumers to feel like
their debt nightmare is behind them, and before you know it they start
spending on their credit cards again. They start spending money freely.
They start the cycle of debt all over again, but the next time their credit
score will be worse. They're odds of getting approved for another consolidation
loan is slim to none. So once you've paid off all of your creditors
with your loan you need to stick to a serious budget and get control of
your spending. If you can find a way to make some extra money without
causing yourself too much stress, that's a great idea too. Georgina from Youngstown had a problem,
and that problem was debt. She made the mistake of starting a home
renovation project without thoroughly planning it out. She forgot to take in to account the possibility
of disaster striking. She forgot about the possibility surprise costs
during the reno. Sure enough, when the contractors pulled
out the walls of her 1907 home in Youngstown, there was water damage and
infestation damage far worse than even the workers could have imagined.
By the time it was all over and done, she had spent $30K more than what
she had in her budget. And not long after that her HVAC system
packed it in. The total replacement on that was another $9000. At that
point she was under water for $39000. Then something happened. She didn't think
there was any way she was going to be able to pay back what she owed.
More than half of the money was on her credit cards and the rest was on
her line of credit. She metaphorically threw her hands in the air and
said, "what the hell....I've come this far". She went ahead and charged another $11000
on some fancy really fancy Bosch kitchen appliances for her new basement
suite. Now she was at $50K and some of the interest rates on her cards
were over 20%. Not a good situation. By the end of that year she had started
defaulting on her payments. The penalty fees and her interest rates started
hitting her hard, which literally compounded her money problems. Her credit score was now down in the 570
range and her efforts to get approved for a lower rate on a consolidation
loan were all foiled. She tried applying with a few banks and a credit
union and was declined. She started hunting online to try and
get an approval. She tried applying online for a $50000 loan but she wasn't
successful in her first few tries. She was declined again for her low
credit score. Eventually she had to get a cosigner for
to get approved. Even though she had a cosigner, her interest rate was
till more than someone with a better credit score would get. She was approved for the $50K loan as
per the calculations below shows: Principal = $50000 Note that with a higher rate at almost
13% she's lined up to pay more than half the principal by the time the
seven year term is over. She didn't really have a choice though because
her original rate averaged much higher than 13%. Some of credit cards were over 20% which
is pretty much impossible to deal with unless you come into a windfall
of cash somehow. With Georgina's job she can manage to
service the debt, but if anything happens to her job she'll be in trouble.
It's so important not use credit cards in excess like she did in this
example. If you live in the State of Ohio and you're
trying to get approved for a debt consolidation loan, we hope our website
helps you find a good lender and a low interest rate. Andy Somerset Andy
Somerset is the son of Lance Somerset who founded the We
Find Lenders Pool. He writes for WeFindLenders.com whenever he's not
working hard on his degree in finance. Credit Helpers of Ohio, Inc Advantage Debt Management Debt Hero Cleveland FAQ
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4000 E Broad St, Columbus, OH 43213
www.columbusmetro.org
614.239.0210
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6877 N High St, Columbus, OH 43085
www.bankcolumbusohio.com
614.310.7200
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7661 Reading Rd, Cincinnati, OH 45237
www.cinfed.com
513.333.3800
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5901 Colerain Ave, Cincinnati, OH 45239
www.guardiansavingsbank.com
513.923.4100
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3840 Pearl Rd, Cleveland, OH 44109
www.steelvalleyfcu.org
216.741.9430
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3115 W 25th St, Cleveland, OH 44109
www.dollarbank.com
216.621.8000
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525 N Erie St, Toledo, OH 43604
www.tpolcu.com
419.241.9730
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4607 W Sylvania Ave, Toledo, OH 43623
www.signaturebankna.com
419.841.7773
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1045 W Rayen Ave, Youngstown, OH 44502
330.744.8447
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3619 S Meridian Rd, Youngstown, OH 44511
www.farmersbankgroup.com
330.793.3971
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Debt Consolidation Application
About Debt Consolidation
Loans In OH
When you have the money transferred into your account there is something
to beware of. Consolidation
Loan Example in OH
Interest Rate = 12.92%
Term Length = 7 years
Monthly Payment = $907.42
Total Paid Back = $76223.7
Total Interest paid out = $26223.7
Sincerely,
Credit Counseling
Services In Ohio
Canal Winchester, OH 43110
614.406.0321
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4424 Aicholtz Road, Cincinnati, OH 45245
513.542.4357
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600 Superior Avenue, Cleveland, OH 44114
440.368.5751
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