CASH ADVANCE LOANS IN OHIO
Cash advance loans, sometimes called payday loans, dazzle with their financial song and dance. They offer quick and easy money without the need for credit checks. Unfortunately, they are nothing more than an economic shell game that leaves the borrowers in a colossal financial trap. If you find yourself under a mountain of debt created by cash advance loans, there is a way out. Contact our payday loan debt relief lawyer today to learn how to regain your financial stability.
DANGERS OF CASH ADVANCE LOANS
Payday or cash advance loans promise a swift, simple way out of your temporary monetary needs. They offer short-term loans with a high interest rate without a credit check. The borrower provides a post-dated check to the lender in exchange for quick cash. The individual is expected to pay back the money plus interest and fees upon receipt of their next paycheck.
Unfortunately, these predator lenders are counting on the presumption that if you needed cash before your payday, you will not have the funds necessary to pay off the loan when it comes due. In these situations, the borrowers will roll over the loans or take out new loans to cover existing ones, each one of these accruing additional interest and fees. These additional costs can snowball to over 300% or more of the original loan in the course of a year!
OUR COLUMBUS PAYDAY LOANS LAWYER CAN HELP!
Unfortunately, most of these unprincipled cash advance lenders have exploited loopholes in state and federal usury laws. In an effort to combat these practices, the State of Ohio has enacted the Short-Term Loan Act (STLA).
If a creditor has been found violating the STLA, the court may award you:
- Rescission or cancellation of the loan
- Up to three times the amount of your actual loan capped at $200, plus damages of up to $5,000
- Punitive damages
- Repayment of court costs, including legal fees
If you have been victim of a cash advance lender who has disregarded the STLA, or find yourself caught in the cycle of increasing debt created by these loans, there is a way to break free.