If you live in Ohio and you’re looking to get a loan, you’ll find valuable information in this easy guide to loans in Ohio. We will explain all you must know about the most common types of loans in Ohio, how to get them, and what to do if you have bad credit.
Loans in Ohio
In Ohio, loans are available for businesses or consumers. The first is offered to company owners in need of extra funds to cover daily expenses and keep everything running. The second is available for everyone.
Loans in Ohio can be secured or unsecured. Secured loans are taken upon an asset acting as collateral. They have a higher risk for the borrower, which is compensated with lower interest rates. Unsecured loans don’t require collateral and have higher interest rates to balance out the lower risk.
There are many options of loans for individuals residing in Ohio, both secured and unsecured, for consumers and businesses. We will explain the specifics of some of the most common types of loans in Ohio.
A personal loan is a type of credit that allows the borrower to get funds from a lender and repay it with interest over a certain period. Funds are available in one lump sum, and the repayment is usually made in installments.
Personal loans in Ohio are available for all types of borrowers. They’re a good option for covering a variety of expenses, such as medical bills, wedding festivities, vacations, home repairs, consolidating debt, and more.
A loan in which the borrower takes a set amount of money all at once and pays it over a specific number of smaller payments, called installments. Installment loans in Ohio tend to be fixed, which means they have a fixed interest rate, and the amount doesn’t change over time.
Installment loans are unsecured loans, which makes them an accessible and safe way of getting extra funds. Since they are fixed, they’re easier to repay without entering a vicious cycle of multiple, predatory loans.
Ohio’s residents can have a more accessible process to get an installment loan: it’s possible to get online installment loans in Ohio. Many companies offer digitized options to make the process easier and less bureaucratic.
A payday loan is an option taken upon the borrower’s next paycheck. Since it is a short-term loan — usually repaid within the following month — it’s a good option for people who need smaller funds for emergency expenses.
Payday loans in Ohio offer smaller amounts of money, frequently up to US$ 300. Funds are rapidly available, while the repayment is short-term in one lump sum, often in no more than 30 days.
Title loans are secured loans: they’re offered upon the title of a property. The most common type of title loan is the home equity loan, which is secured on the equity of a house.
In Ohio, title loans are calculated according to the property value of your asset: the maximum amount to be borrowed is usually a percentage of the market value of the property. If the loan is not repaid, the lender can own the property offered as collateral.
Student loans are loans available to students who need funds to pay for college costs. This is a good option when the student isn’t able to get enough federal, state, and school financial aid to cover the full cost of education.
There are many options for student loans in Ohio. Additionally, the state of Ohio offers student loans with lower rates than traditional, private ones. They also offer a financial aid package to students enrolled at Ohio public institutions, as well as scholarships and grants, which don’t have to be repaid.
There are different categories of business loans in Ohio, aimed at specific needs of the business, like commercial real estate loans, business lines of credit, and cash advances for businesses. The most popular ones are small business loans, aimed at business owners in need of extra funds to keep the business running.
In Ohio, Franklin County offers loans and grants for women and minority entrepreneurs. The program was created during the Covid-19 pandemic to help small businesses survive throughout the period.
Loans for bad credit
In Ohio, loans for bad credit are vastly available these days. Lenders are more focused on providing easy, accessible financial services for Ohio residents as a part of a trend that’s revolutionizing the financial market.
At OneBlinc, we use our own risk assessment algorithm, which enables us to evaluate your financial history and your ability to repay a loan. Thanks to our technology, we’re able to paint an accurate picture of your financial life without being held by the narrow parameters of a credit score.
OneBlinc provides fair and affordable credit solutions for people that work hard, but need some extra help to get their finances in order. We offer easy, accessible loans for various employees, which we believe to be a true alternative to the vicious cycle of predatory lending.
Unexpected things happen more often than we would like them to. That’s why OneBlinc is here to help, whether you have an emergency or just need that extra cash to go through the end of the month. We believe in people, and we understand that everyone might need money someday, somehow.