Are you running low on cash and need a short-term loan? Many people find the financial help they need through installment loan products. Here’s what you need to know about how online installment loans in Ohio work.
Is an Installment Loan a Payday Loan?
No, an installment loan isn’t a payday loan because repayment isn’t based on your next pay date. Installment loans are paid back over weeks or months, like car or personal loans.
Does It Cost Money to Apply for an Installment Loan?
Applying for an installment loan is free. However, if you apply and are approved for a loan, the lender might charge origination fees, prepayment fees, etc. You want to review the terms of the loan you’re offered to understand how much it will cost.
How Fast Is Money Deposited?
Depending on the time of day you apply and how you plan to have the money sent to you (debit card, direct deposit, paper check), it can take anywhere from a few hours to several days. If you need money quickly, check the funding options before applying.
How Do You Repay Installment Loans?
Most installment loans can be repaid automatically using your debit card or bank account. If you don’t want to pay your account as an ACH transaction and prefer to mail in your payment, that’s an option too.
For more information about applying for online installment loans in Ohio, check out Short Term Loans, L.L.C.
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