Personal Loans in Ohio Briefly Defined
Personal loans can be secured or unsecured, with the former requiring collateral and the latter not needing collateral.
Lenders usually don’t need to know what you’re using the loan for, but some do.
As such, be aware of whether your lender will let you use the loan for anything or if they also have limitations regarding loan purposes.
Can You Get Personal Loans With Bad Credit
Yes, you can get a personal loan with bad credit. That’s because specific lenders in Akron will prioritize additional factors separate from your credit score.
These lenders will give more weight to your ability to repay — meaning as long as you have a steady source of income, they can approve your application.
However, they may offer:
- Lower loan amounts
- Higher fees
- Shorter terms
How Third-Party Lenders Can Help You Get Personal Loans
Answer the inquiry form on our site, and we’ll look through our network of third-party lenders.
Anyone who accepts your request will contact you directly with an offer. You don’t have to accept their offer if you don’t think it matches your needs.
Otherwise, you can apply directly with them already.
Personal Loan Laws in Ohio
According to the Ohio Revised Code, interest rates on the unpaid principal balance of the loan shouldn’t exceed 28% per year. Agreements must also be in writing and signed by the borrower.
There are no prepayment fees if you decide to pay your loan off earlier than your final deadline.
Conclusion
Your finances might sometimes need a boost to help you pay for big things like debt consolidation, medical bills, and home repairs. In those cases, a personal loan can be a good option.
If you want to take the first step of finding a suitable lender, answer our inquiry form and let us help you.
FAQs
Do you have more questions on personal loans? We’ve answered a few below.
Personal loans can be used for various expenses, such as:
Moving expenses
Family vacations
Medical bills
Wedding expenses
Home renovations or repairs
Unexpected expenses
Personal loans that are repaid promptly and on time can improve your credit score by increasing your credit mix and showing that you pay off your debts on time.
However, it can also negatively affect your credit score if you incur too many hard inquiries or don’t repay your debts on time.
In Ohio, there’s no legal limit on the number of personal loans you can have at once. However, that’s no guarantee that you’ll be approved for more than one loan, either.
That’s because lenders will consider factors like your debt-to-income ratio, credit score, and overall financial health before approving any requests for more loans.
