Everything You Need to Know About Payday Loans

Do you need cash quickly? How about having difficulty taking out a personal loan? If your credit score is less than ideal or you don’t qualify for a personal loan, payday loans in Columbus, Ohio might be the solution to your cash shortage.

In this article, we’ll cover the different types of payday loans that you might encounter, including online, emergency, same day, and instant decisions. By the time you are done reading this article, you should have all the information needed to pinpoint which type of payday loan is best for your situation.

However, if you are still struggling to uncover the payday loan method that’s right for you, reach out to one of our payday lenders. We want to help you gain access to the cash funds you truly need, without dozens of obstacles.

About Payday Loans

Payday loans are a form of short-term financing, generally used to bridge cash shortages between pay periods. For example, if your car breaks down and you need to spend $500 on repairs, it’s not ideal to wait another week until payday. Instead, you can take out a payday loan, use the funds for your car repairs, and pay the amount back once you receive your paycheck.

Because of the short-term nature, payday loans come with higher interest rates. However, this is a small price to pay for the flexibility in approval requirements and the quick turnaround time. Some states outline rigid requirements for payday lenders, with certain states, like Arizona, Connecticut, Maryland, and Vermont making payday loans illegal.

Another benefit of payday loans is that there are no requirements on their use. You can use payday loans for whatever purpose, including repairs, medical bills, unexpected bills, groceries, and more. Your payday lenders don’t require you to outline the purpose of the loan, giving you security and flexibility.

Online Payday Loans (Columbus)

Online payday loans are taken out and repaid online. Most payday lenders in Columbus, Ohio don’t have physical locations (offices), making online payday loans common. You will go through applications, approval, banking information, and repayment terms electronically.

Online payday loans infuse speed throughout the process, with some payday lenders granting loan approval within minutes after your application is submitted. It’s important that you thoroughly vet the payday loan site you are going through to ensure it’s credible. This can be done by reading reviews and calling the location (store).

Emergency Payday Loans in Columbus

No one can predict everything. When emergencies occur, they can be expensive. What happens if your pet needs emergency surgery? You don’t want to be waiting on traditional financial institutions to process a loan application. This could take days, if not weeks!

This is where emergency payday loans are beneficial, giving you access to cash within hours. You no longer need to delay your pet’s emergency surgery or wait to replace your AC that went out in your home. Emergency payday loans look to make a bad situation a little better by giving you access to cash quickly.

Quick $1,000 Dollar Payday Loan

The amount of payday loans can vary, from $100 to $1,000. These amounts also depend on your state’s maximum. Maximum number of outstanding loans at one time — $2,500.

The National Conference of State Legislatures has a great resource that outlines the payday loan limitations by state. Unfortunately, lenders can only provide payday loans to states they are registered in and where you have a physical presence. If your permanent address does not fall into a state that allows payday loans, you may need to seek alternative financing.

Same Day Approval Payday Loans

It’s not uncommon to see same day approval payday loans. However, the turnaround time of your payday loan depends on how quickly you communicate with your payday lender and submit the required documentation.

Generally, you will need to have an active bank, credit union, or prepaid card account on file with your payday lender. In addition, you will need to know your tentative payday loan amount and sign numerous disclosures, creating a binding agreement. Valid identification, such as a driver’s license or other form of ID, is also required.

Furthermore, some direct lenders require that you prove your income streams and ability to pay the payday loan back. If you can furnish all of this information to your payday company quickly, you might be able to secure same day approval.

Small Cash Loan Up to $500

Like we mentioned earlier, payday loans can reach up to $1,000 on average. If you are looking for a small cash loan up to $500, Columbus payday loans are still a great option. Small cash loans can be funded quicker because of the lower amount. You will still need to provide the same requirements for approval that we listed above.

Finding the right lender to issue a small cash loan up to 500 dollar is important, especially if you have low credit. Inquire with prospective lenders on the turnaround time, loan terms, and qualifications.

Installment Loans for Columbus, OH, USA Residents

Some payday loans come in the form of installment loans. This means you have a set repayment schedule. Most payday installment loans are for terms less than 12 months. The repayment frequency can vary. For example, you might be required to pay back your loans every pay period, which could be weekly, bi-weekly, or monthly.

Most installment payday loans allow you to repay the entire amount in a lump sum, without additional penalties. Discussing the repayment terms with your lenders will help you understand your options with installment loans.

Fast Short-Term Loan (Columbus, Ohio)

Fast short-term loans can take on a few different forms, but payday loans are the most common. This is because payday loans have a quick turnaround time, with some lenders distributing cash to your account on the same day.

There are other forms of fast short-term loans, such as credit card cash advances, commercial paper, and trade-secured loans. However, you might not be able to use these options, especially if you have low credit card borrowing limits or poor credit.

This makes payday loans the most common fast short-term loan because of their simple approval process and the same day turnaround time capabilities. With any fast short-term loan, you will be subject to higher interest rates, upwards of 20%.

If you plan on paying the loan off quickly, you won’t need to worry about accumulating significant interest, as most loans are for terms less than 12 months. Let’s say you take out a $1,000 loan with a 20% interest rate. You pay the loan off in two months. Your total interest accumulated during those two months is $33.

Cash Advance for Bad Credit

Credit is a determining factor in most financing agreements with traditional institutions, like banks and credit unions. On the contrary, payday loans don’t always base lending decisions on your credit history. This is beneficial if you have a low or poor credit score and need cash quickly.

Although your payday company will most likely pull your credit report, they won’t base lending decisions solely on that number. In fact, other items, like your expected income, loan amount, and repayment terms will carry more weight.

If you’ve been turned down by traditional financial institutions for a personal loan or can’t take out a new credit card, reach out to a payday lender right away. You might be surprised at how lenient the qualification process is, giving you access to a cash advance even with bad credit.

No Fax Needed Payday Advances

Bouncing off a cash advance for bad credit is no fax payday advances. This type of payday loan completely bypasses credit reports. No fax payday advances don’t pull your credit at all. Instead, other information is furnished throughout the qualification process, such as your income and repayment method.

Many providers of no fax payday advances can provide the same levels of advances as payday advances with credit checks. The amount you qualify for is dependent on your lender and the risk they are willing to assume.

Searching around for the right no fax payday advance lender is critical. You want to be sure you are optimizing the terms of your loan, while still bypassing the credit requirement.

1, 6, 12 or 3-Month Loans: Choose Yours

Payday loans can come with varying terms, such as 1, 6, 12 or 3-month loan repayment period. Finding the optimal loan repayment period depends on the monthly payment you can afford and the loan amount.

Let’s say that you take out a $500 loan with 20% interest. If you choose a 6-month repayment period, your monthly payment would be $88.26. A 3-month repayment period for this same loan would be $172.25 a month and 12 months would result in a monthly payment of $46.31.

As you can see, the term of your repayment period significantly impacts your monthly loan payment. Keep in mind that the longer the loan period is, the more interest you will pay. However, if you are already tight on cash, it might make sense to take on a longer repayment period with a lower monthly payment.

24-Hour Cash Advance Loans

Payday loans in Columbus, OH don’t require you to apply during normal business hours. In fact, most payday loans operate as 24-hour cash advance loans. This means that you can apply at 3 am or 11 pm. Although you might not see the cash in your bank account until the next day, 24-hour cash advance loans give you flexibility in the application process.

Some 24-hour cash advance loans provide funding instantly. This means as soon as you apply and are approved, the money is sent to your bank account. Quick advance loans are essential in emergency situations or when you need cash right away.

Instant Decision Loans (in seconds)

Payday lenders use high interest rates to offset the risk associated with payday loans. This means that the qualification process is less rigorous compared to financial institutions and other lenders. Additionally, software and automation have significantly sped up the payday lending process.

Lenders can now rely on software checks to make instant decisions on loans. This means you can apply and have word on your approval in minutes. There’s no waiting 5-7 business days to hear back or having to call to see if you were actually approved. Instant decision loans give you a concrete answer right away.

Easy Unsecured Loans Online

Finding easy unsecured loans online can seem like an overwhelming task, especially with dozens of prepaid ads floating to the top of search results. When it comes to applying for easy unsecured loans online, be sure you evaluate a few different pieces of information.

First, check the lender requirements. Are they looking for a credit check? How about proof of future income? Next, evaluate the loan depositing options. Do they issue a check in the mail, load the amount to a prepaid card, or direct deposit the funds into your bank account?

Another factor to consider is the terms. What is the repayment period of the loan? What interest rate will you be assessed? What is the maximum amount you can borrow? Some of these factors might be visible on the lender’s website. However, you may need to go through the qualification process to receive concrete information on your unsecured loan.

Payday Loans Near Me in Columbus, OH

Payday loans are most commonly taken out online. Although there may be some brick-and-mortar payday lenders, most of the top-rated lenders will be found online. To find a payday lender near you, do a quick Google search.

This will bring up a list of payday lenders in your area. Before you start applying, be sure you evaluate the lender to be sure they are a good fit. Look at past customer reviews, consider the interest rate they charge, or schedule a call to go over the process.

Top 10 locations of direct lenders where to get payday loans near me in Columbus:

Company Name

Address / Area / ZIP Phone / Fax
Advance America 3296 S High St, Columbus, OH 43207 +16144928160
OneMain Financial 3863 S High St, Columbus, OH 43207 +16144921731
OneMain Financial 2019 E Dublin Granville Rd, 43229 +16148461860
OneMain Financial 6003 E Main St, Columbus, OH 43213 +16148666309
CheckSmart 2013 Zettler Center Dr, Columbus, OH 43223 +16142749338
CheckSmart 1255 Parsons Ave, Columbus, OH 43206 +16144456669
CheckSmart 170 N Wilson Rd, Columbus, OH 43204 +16142763334
CheckSmart 2496 Morse Rd, Columbus, OH 43231 +16144784040
CheckSmart 1624 E Dublin Granville Rd, Columbus, OH 43229 +16148822217
Always Payday 2084 E Dublin Granville Rd, Columbus, OH 43229 +16148820400

Or find more stores on Google Maps

If you are looking for a quick infusion of cash, inquire about the turnaround time. You don’t want to work with a payday lender that can’t meet your cash deadline. These are just a few of the factors you need to consider.

The good news is that we have you covered at BUSINESS. Reach out to one of direct lenders today to see how we can help you.