Are you short on cash and watching the calendar like a clock, waiting for payday to arrive? The stress is so bad that you’re thinking about getting a payday loan.
Ohio changed the payday lending law in 2018 to protect consumers, but even so, lenders can legally charge up to 60% of the loan’s principal on interest and fees, making it hard to get back on your feet. Before you apply for payday loans in Columbus, Ohio, explore your other options.
How to Get a Cash Advance in Columbus, Ohio
Columbus has lots of cash advance choices, including no-interest loans, credit builder options, and predatory payday loans.
Instacash
Max Advance Amount: $250
APR: 0%
Credit Affects: None
Instacash from MoneyLion will give you free access up to $250 without any interest or fees.
You can have the money deposited into your RoarMoney mobile bank account or an external bank account. You can even get it instantly for a small fee. If you don’t need it in a flash, choose regular delivery, and MoneyLion will send the money your way for free.
How to Qualify:
- Be 18 years of age or older.
- Have a regular income or deposits.
- Have an active bank account that’s been open for at least 60 days.
- Have a positive balance in the bank account.
In-Person Lender
Max Payday Loan Amount: $1,000
APR: 28% plus fees
Credit Affects: Payday lenders only report late or missed payments to credit agencies.
You can visit one of the lenders that offer payday loans, there are many choices and most offer similar services. You’ll need to bring some items with you to get approved like your account information and you might also have to write a post-dated check for the payment amount. The lender may also ask for a paystub and your employer’s phone number for an employment check.
Before you agree to a loan, review the contract, and make sure it meets the legal requirements. For example, the lender cannot accept collateral for a loan, and you should be allowed at least 91 days to repay it.
Even with the new laws, you can still end up paying 60% of the loan’s principal back in fees and interest. If you have trouble managing, you might be forced to take out another payday loan to cover the first. Because of the ease of extending or “rolling over” your loan, you can end up in a payday loan debt cycle. Because of the fees and predatory practices, payday loans are never recommended.
How to Qualify:
- Be 18 years of age or older
- Be a resident of Ohio
- Be employed
- Have $2,500 or less in short-term loans
- Have no active loans with the lender
- Have an active checking account
Instant Online Loan Options in Columbus, Ohio
Get access to instant cash and build your credit with this instant loan option in Columbus.
Credit Builder Loan
Loan Amount: You could qualify for up to $1,000.
Credit Affects: The average Credit Builder Loan user can boost their credit score by 60 points in 60 days!
Monthly Membership: $19.99/month
If you want to boost your credit score, build a savings account, and receive cash the same day, a Credit Builder Loan from MoneyLion is an excellent option. You can borrow up to $1,000, and you’ll receive some of the proceeds instantly. The rest will go into your Credit Reserve Account, accruing interest while you make affordable monthly payments for the loan.
When you make your final payment, you’ll receive the funds in your Credit Reserve Account. You’ll also notice a nice credit boost that will open you up to even more lending options.
How to Qualify:
- Be 18 years of age or older
- Be a United States citizen or permanent resident
- Have a valid social security number issued by the United States government
- Have a valid bank account, so you can pay back your loan
What’s Included?
- A loan of up to $1,000 that you’ll pay back in 12 monthly payments
- Access to weekly credit monitoring
- Money in a Credit Reserve Account that earns interest while you pay off your loan
- A credit score in case of as much as 60 points in 60 days
- Additional benefits with the Instacash service
Comparing Your Cash Advance Loan Options in Columbus, Ohio
Compare payday loans in Columbus, Ohio with Instacash and Credit Builder Loans, then decide which is right for you.
| Instacash | Credit Builder Loan | In-Person Payday Lender | |
| How Much Can You Borrow? | $250 | $1,000 | $1,000 |
| Fees & Interest | Free 0% APR | Competitive APR, $19.99/month fee | 28% APR plus fees |
| Impacts Your Credit? | No | Yes, it builds your credit score | Yes, if not repaid on time |
| Availability | Mobile Device- Apply any time | Mobile Device- Apply any time | In-person |
| Wait Time | Instantly* | Instantly | Depends on the bank’s processing time |
| Next Steps | Sign Up | Sign Up |
Get Fast Cash Without High-Interest Rates and Fees
Payday loans are a poor financial decision – especially because there are safer options out there. The high fees make it difficult to repay the loan, so you might have to take out additional loans to stay afloat. You can avoid the debt cycle with a Credit Builder Loan or Instacash with MoneyLion.
Take control of your financial future by opening a RoarMoney bank account. Once you open this account, you can use it to get paid two days early. The account also includes weekly spend reports so you can make wise financial decisions.
Download the MoneyLion app today and start planning for your financial future. Use the application for fast cash, help with money management, and so much more.
