If you live in Cincinnati and are hit by unexpected expenses on top of bills you can’t pay, what do you do? You may be tempted to take out a payday loan to deal with the crisis, since the ads promise getting you your money quickly without much of a hassle.
It’s true that the application is easy and the money comes fast, but it also comes with a big cost. Interest rates and fees are often so high that you may find that, instead of helping you get out of a financial hole, payday loans can wind up sinking you further into debt until you may not be able to recover.
The good news is that if you are struggling with unmanageable debts, there are alternatives to payday loans, as well as help available to get you back on your feet financially. The seasoned and compassionate Cincinnati, Ohio, bankruptcy lawyers at Fesenmyer Cousino Weinzimmer understand what you are going through. We provide free initial consultations for people throughout the Cincinnati area who have gotten into financial difficulty. We will examine your individual situation and find the best way to guide you to debt relief. Contact us by email or call our Cincinnati office at: 877-654-5297.
According to a Federal Reserve Board study, more than 150 million people in the United States can’t get approved for a bank loan because their credit score is below 680. So people with bad credit history turn to payday loans because they need the funds right away and the application process is easy. For payday loans there is no credit check, no certificate of salary, no pledge of property, no explanation of why you need the money. All you need is your passport, your valid Ohio driver’s license or your U.S. military identification. An application for a short-term loan can be issued in the office, by phone or online, and you usually receive the money in one day.
Payday loans, also known as paycheck advances, are typically loans for relatively small sums, usually $1,000 or less. People taking them usually hope to be able to repay the loan in days or weeks, often when they get their next paycheck.
Unfortunately, payday loans are full of disadvantages, including outrageously high interest rates, fees, and late penalties that can get you deeper into debt. Ohio has attempted to protect consumers by passing the Short-Term Loan Act (STLA) regulating interest rates and prohibiting lenders from giving out loans on the internet or on the phone. However, payday lenders get around these consumer protections by creating Credit Service Organizations, a kind of broker that adds high fees, often described as a “prepaid finance charge,” for “helping” you find the loan.
Consider the following disadvantages of payday loans:
If you are still considering taking out payday loans in Cincinnati, make sure you look for hidden fees that can drive up the cost of the loan. Read the fine print carefully; look at the loan length, interest charge and APR (annual percentage rate), and ask what the total repayment amount will be.
The following are some companies that offer payday loans in Cincinnati:
11753 Lebanon Rd., Cincinnati, OH 45241
5229 Madison Rd., Cincinnati, OH 45227
8439 Reading Rd., Cincinnati, OH 45215
5705 Cheviot Rd., Cincinnati, OH 45247
5717 Glenway Ave., Cincinnati, OH 45238
5708 Glenway Ave., Cincinnati, OH 45238
7680 Montgomery Rd., Cincinnati, OH 45236
629 Old State Route 74, Cincinnati, OH 45244
3288 Highland Ave., Cincinnati, OH 45213
01 E. 5th St., Cincinnati, OH 45202
8044 Montgomery Rd., Cincinnati, OH 45236
3513 Reading Rd., Cincinnati, OH 45229
7755 Montgomery Rd., Ste 400, Cincinnati, OH 45236
5223 Glenway Ave., Cincinnati, OH 45238
4468 Eastgate Blvd., Cincinnati, OH 45245
6212a Glenway Ave., Cincinnati, OH 45211
7671 Colerain Ave., Unit A, Cincinnati, OH 45239
6173 Glenway Ave., Cincinnati, OH 45211
9810 Colerain Ave., Cincinnati, OH 45251
407 Vine St., Suite 248, Cincinnati, OH 45202
7428 Montgomery Rd., Cincinnati, OH 45236
8088 Beechmont Ave., Cincinnati, OH 45255
312 Walnut St., Cincinnati, OH 45202
4805 Montgomery Rd., Ste. 401,Cincinnati, OH 45212
111 Woolper Ave., Cincinnati, OH 45220
2009 E. Galbraith Rd., Cincinnati, OH 45215
8802 Colerain Ave., Cincinnati, OH 45251
The following are options you may wish to consider instead of taking out a payday loan:
If you find yourself drowning in debt and being harassed because you are unable to make payments, take the first step toward getting your life back on track by contacting the experienced and compassionate Cincinnati debt-relief attorneys at Fesenmyer Cousino Weinzimmer today for a FREE INITIAL CONSULTATION.
We know what you are going through. We will evaluate your entire financial picture by looking at your income, your debts and your goals, and we will discuss the best fit for your individual situation. We will handle every phase of the process and find what works best for you.
We have helped thousands of Ohio residents find new hope.
Delaying can only make your situation worse, so call the Cincinnati bankruptcy attorneys at Fesenmyer Cousino Weinzimmer today at one of our conveniently located office branches at 877-654-5297 (Cincinnati), 614-228-4435 (Columbus), 937-222-7472 (Dayton), or email for your free consultation.
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