Bad Credit Personal Loans in Ohio
If you’re thinking about getting a personal loan in Ohio with bad credit, there are some things that may be helpful to know. The good news is that securing loans (even with bad credit) has become more attainable in recent years. Below, we’ll talk about some information related to bad credit loan options in Ohio:
- What kind of loans are available in Ohio?
- What products or services can loans for bad credit be used for?
- How can I apply for a bad credit loan in Ohio?
Read on to understand how bad credit personal loan options* work in the great state of Ohio!
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
Bad Credit Personal Loan Options in Ohio
Different states in the U.S. have different laws and regulations regarding financial products such as loans, which affect where you might be able to get loans and how much you’re able to borrow. Such matters fall under the Consumer Financial Protection Bureau (CFPB) – a government agency that enforces federal consumer financial laws.
Consumers may use unsecured installment loans to fund debt consolidation, home repairs, and medical expenses. Ohio lenders provide loans in the following categories:
- Bad Credit Personal Loans in Ohio
- Bad Credit Auto Loans in Ohio
- Bad Credit Home Loans in Ohio
- Bad Credit Payday Loans in Ohio
Understanding Ohio Loan Types for Bad Credit
In Ohio, bad credit loans come in many forms. Personal loans are sometimes used to pay for larger expenses, while credit cards and lines of credit may be used to help with expenses until the next paycheck arrives.
The most common types of loans for people with bad credit in Ohio are:
Bad Credit Personal Loans
There are two types of bad credit personal loans: secured and unsecured. A secured loan means that you use a valuable item as collateral, such as your car or home, to secure the loan.
Unsecured bad credit loans may have higher interest rates than secured bad credit loans.
Bad Credit Auto Loans
Car title loans are illegal in the state of Ohio. However, you may still qualify for a traditional auto loan with poor credit. Before approving a car loan, lenders will evaluate your income, debt, and other financial obligations.
Bad Credit Home Loans
Getting a home loan with a poor credit score might be difficult. Fortunately, some lenders are willing to provide home financing to those with less-than-perfect credit.
If you have bad credit and are interested in a home, an FHA loan may be an option. Another option may be a VA loan, but you must meet several qualifications, such as having a veteran or active-duty status.
Bad Credit Payday Loans
The state laws for accessing payday loans in Ohio makes acquiring cash easy and accessible, as Ohio is one of the few states that allows payday loans (they vary state-to-state; in some states they are banned.) While payday loans are another option for those with bad credit, a note to read what’s involved, as these loans have unique terms in that you usually must pay them back within one to two pay periods/paychecks.
What Products or Services Can a Bad Credit Loan Get You?
Getting a loan from a bank or credit union might be challenging if you have a bad credit score. Securing a loan from traditional lenders might also be tricky, especially if you need access to money now. This is where bad credit loans come in, offering access to the funds you need while offering options to get funds now and pay over time.
You might be wondering: Is a lease the same as a loan?
Leases & loans are quite different – here’s what you need to know:
- A loan (or personal loan) is generally a lump sum of funds provided on the recipient’s behalf that is paid back over time (and, like most loans, includes interest.)
- A lease (or lease-to-own option) allows the recipient to possess the leased item for a pre-determined period of time and includes the option to purchase the item outright. It does not include interest but has leasing fees.
Bad credit loans might come in handy if you need to pay for a wedding, a vacation, medical bills, renovations at your home, car repair, or any emergency where you may need to be able to access money upfront.
Uses for Bad Credit Loans in Ohio
Paying for home furniture, appliances, televisions, and electronics all up front may be a challenge. This is where alternative financing may come in, since you can potentially pay-over-time, rather than all at once. Also, if you have less-than-stellar credit or no credit history or financial history, obtaining large items like furniture or appliances might be possible with access to alternative loan products.
Check out a few uses for bad credit loans below:
Product: Furniture
Average Price**: $400 – $10,000
Product: Mattresses
Average Price**: $250 – $3,000
Product: TVs
Average Price**: $300 – $3,500
Product: Refrigerators
Average Price**: $1,000 – $2,500
Product: Washers and Dryers
Average Price**: $300 – $2,000
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
**Retail prices may vary based on extras and the type of product you purchase. For example, a TV can have a retail price as low as $300, however, some models may have a retail price upwards of $3,500 or more.
Ohio Bad Credit Loans FAQs
Q: What Kinds of Loans for Bad Credit Can You Get in Ohio?
A: You may be able to apply for a bad credit loan in Ohio even if you can’t get a conventional loan from a traditional bank or credit union. These sorts of loans include payday loans, auto loans, home loans, and personal loans. As a note, loan amounts, interest rates, and terms for these unsecured loans having varying terms and interest rates, so it’s important to learn about the type of loan you’re applying for.
Q: What’s Considered “Bad Credit”?
A: In credit terms, bad credit is a credit score below 580. Most traditional lenders such as banks and credit card companies find it challenging to extend credit to borrowers with bad credit. But the good news is that alternative lenders and other various types of loans may help you get access to the goods and services you may want or need even with less-than-stellar credit.
Q: Where’s the Best Place to Get a Bad Credit Loan?
A: The best place to get a loan with bad credit depends on your specific situation and financial needs. Bad credit loans may be obtained through traditional banks and credit unions, but if you have less-than-perfect credit you may be denied. Alternative lenders help those with imperfect access the goods and services they need, if approved.
If you’re looking for an alternative lender, start a search within our network and apply here.*
Q: How Can I Apply for a Bad Credit Loan in Ohio?
A: Applying for a bad credit loan can be a relatively easy process. Loan applications can often be found online. To apply on our website, select a store* within our network and chose “Apply” to begin.
While you may or may not be approved your credit score will be only one of the factors we consider, and you are not automatically denied because of your credit score.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.