Cincinnati, OH Payday Loan Alternative

Considering all the food tours and shopping, along with the opportunity to catch a Reds or Bengals game, Cincinnati has plenty of attractions for its 298,800 residents. But even with an average salary of $52,626 reported in Q2 2017, all those things to do make it easy for Cincinnati residents to overspend. That’s one of the reasons that the average resident is carrying around $4,817 in credit card debt.

Cincinnati Payday Loans

It’s always better to be debt-free, but certain types of debt are worse than others. Credit card debt is particularly hard to get free of, and consumers sometimes take out loans to pay it. Payday loans are easy to obtain, making them a common choice for paying off credit card debt and handling sudden emergencies, but their short terms can exacerbate an already difficult situation. Payday lenders usually set up terms of two weeks, and the loan is due in full at the end of the term. Although extending the payday loan is an option, this will result in additional interest and fees, costing the borrower more money. Borrowers often do this over and over, paying the lender more interest and fees without being able to pay down the loan principal.

A Payday Loan Alternative

There is another way to get money quickly, and it doesn’t have the short term of a payday loan. MaxLend has installment loans available, and as the name suggests, these allow the borrower to pay back the loan in a series of manageable installment payments.

The application process for an installment loan through MaxLend doesn’t take long, and it can be done online. The borrower will need to enter a few pieces of basic contact information and financial information. The minimum borrower requirements aren’t strict, but MaxLend does require that the borrower is at least 18 years of age. Borrowers cannot currently be part of a bankruptcy case or have plans to file bankruptcy.

The borrower will need a source of income that MaxLend can verify, and the income must be deposited into a personal checking account. There are minimum income requirements and a minimum open-duration requirement for the amount of time the borrower has had the bank account. MaxLend does not extend loans to members of the US military, their spouses or dependents. Additional requirements and limitations may apply.

After the borrower submits the application, the final stage in the application process is a quick phone verification. The borrower can either call in to speak with a customer service representative or wait to receive a verification call. MaxLend emails the loan documents to the borrower, and these can be signed electronically.

MaxLend provides installment loans in amounts up to $2,000 and funds are deposited into the borrower’s bank account. The deposit can go through as quickly as one business day. Each installment payment will be for the same amount so that the borrower doesn’t get stuck with one large balloon payment at the end of the loan. Since the borrower has more than two weeks to pay off the loan, it’s more manageable and there’s a lower chance of the borrower getting trapped in a cycle of debt.

A Convenient Financial Boost at Just the Right Time

Both payday loans and installment loans provide ways for borrowers to get money in a short period of time, but the short terms of payday loans make them a risky choice. There’s a reason most payday loan borrowers in Cincinnati need to extend their loans multiple times. Installment loans offer a more flexible repayment option, and borrowers can apply now to get up to $2,000 from MaxLend.

References
https://en.wikipedia.org/wiki/Cincinnati
http://www.payscale.com/research/US/Location=Cincinnati-OH/Salary
https://creditcardlocal.com/states/ohio/cincinnati

The content on this site is for informational purposes only and is not professional financial advice. MaxLend does not assume responsibility for advice given. All advice should be weighed against your own abilities and circumstances and applied accordingly. It is up to the reader to determine if advice is safe and suitable for their own situation.

MaxLend, is a sovereign enterprise, an economic development arm and instrumentality of, and wholly-owned and controlled by, the Mandan, Hidatsa, and Arikara Nation, a federally-recognized sovereign American Indian Tribe. (the “Tribe”). This means that MaxLend’s loan products are provided by a sovereign government and the proceeds of our business fund governmental services for Tribe citizens. This also means that MaxLend is not subject to suit or service of process. Rather, MaxLend is regulated by the Tribe. If you do business with MaxLend, your potential forums for dispute resolution will be limited to those available under Tribal law and your loan agreement. As more specifically set forth in MaxLend’s contracts, these forums include an informal but affordable and efficient Tribal dispute resolution, or individual arbitration before a neutral arbitrator. Otherwise, MaxLend is not subject to suit or service of process. Neither MaxLend nor the Tribe has waived its sovereign immunity in connection with any claims relative to use of this website. If you are not comfortable doing business with sovereign instrumentality that cannot be sued in court, you should discontinue use of this website.