Advance cash check Cleveland alternatives include many of the 1,374 payday loan companies operating in the state.
Payday loan lenders
operating within Ohio must be licensed, which includes a background
check that includes an inspection for ethical practices and financial
Cash advances are a type of short-term debt, where a customer borrows a small dollar amount, typically for a two-four week period, to be paid back on the next payday from regular employment.
These financial products are NOT intended as solutions for long-term money problems, partly because of the high annual percentage rates (APRs) of interest on the loans.
As is the case with most other states, payday laws in Ohio heavily regulate the industry, and you should get to know these laws, including the Short-Term Loan Act, to fully understand your rights as a consumer.
These regulations govern over many aspects of the payday loan market in Ohio, including maximum annual interest rates, prohibitions on loan extensions, and obligatory disclosures on the loan agreement.
You should also seek out less expansive alternatives to payday advances, such as short-term financing from banks or credit unions, or loans from friends and family.
According to national statistics, Ohio ranks eighth in terms of how many payday advance lenders are licensed to operate within the state.
This translates to around 1,374 payday loan companies, of which one of the most popular choices, also available in Cleveland, is Advance America.
Advance America, the nation's largest payday lender with over 2,400 physical storefronts, is a subsidiary of Grupo Elektra, the Latin American banking, consumer finance, and specialty retailing group.
Their range of financial products in Ohio include loans, MoneyGram services, Visa prepaid cards, and tax services.
For Cleveland, Ohio, you can choose from one of the 15 locations within 20 miles of downtown.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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