Ohio valley cash loans inc gallipolis oh

Thus, we work with lenders familiar with your situation and are ready to help. Important Disclosures. Please Read Carefully. This service is not available in all states. If you request a loan in a particular state where such loans are prohibited, or in a location where WhiteRockLoans. com does not have an available lender, you will not be connected to a lender. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps.

If you are connected to a tribal lender, please understand that the tribal lenders rates and fees may be higher than state-licensed lenders.

Ohio valley cash loans inc gallipolis oh

The most obvious problem with ohio valley cash loans inc gallipolis oh loans is their extremely high interest rates.

The fee for a payday loan can be anywhere from 10 to 30 per 100 borrowed, which works out to an annual interest rate of 261 to 782. But these loans also have other dangers that are less obvious. These dangers include: Renewal Fees. When borrowers cant pay back a payday loan on time, they either renew the loan or take out a new one.

So even though they keep making payments on their loans, the amount they owe never gets any smaller. A borrower who starts out with a 400 loan and a 60 interest payment and then keeps renewing the loan every two weeks for four months will end up paying about 480 in interest and will still owe the original 400.

Collections. In theory, a payday lender should never have any problem collecting a debt, because it can take the money right out of your checking account.

Ohio valley cash loans inc gallipolis oh

Dobbs didnt respond to follow-up questions, including why a borrower would hope to face criminal prosecution. Belinda Cinque, the hot-check clerk for Justice of the Peace Tom Lawrence in the Houston suburb of Humble, said she has little choice but to take payday lenders criminal complaints.

If all of the elements match, Ive got to take it, she said. But she expressed discomfort with the situation, noting that the vast majority of borrowers had either lost their jobs or had their hours reduced at work. Correct me if Im wrong, but they sound like sharks, Cinque told me. At some point last year, she started getting calls from people-some in tears-making payments to Cash Biz through the court.

A collection agency was threatening them that they were going to be taken to jail, Cinque said.

Ohio valley cash loans inc gallipolis oh