Freedom Loan In Ohio: What You Need To Know

Freedom Debt Relief offers debt consolidation and personal loans in Ohio. The company provides free debt consultations and evaluations to help Ohioans struggling with debt. Freedom Equity, a separate entity, is a proud administrator of the Community Development Financial Institution Loan Participation Program (CDFI LPP) for the Ohio Department of Development.

Debt consolidation loans

In Ohio, debt consolidation loans are offered by banks, credit unions, and online lenders. Some well-known lenders offering these loans include Huntington Bank, Fifth Third Bank, and KeyBank. When choosing a lender, it is important to shop around and compare rates and terms to find the best option for your financial situation. The interest rate on a debt consolidation loan will depend on your credit score and whether you are willing to put up collateral, such as your home or car, to secure the loan. Typically, people pay around 10%-12% interest on a debt consolidation loan, compared to the higher interest rates charged by credit card companies.

There are several options for debt consolidation loans in Ohio. Fifth Third Bank offers a loan with an APR range of 8.74% to 21.74% and no origination fees, making it a good choice for those prioritising affordability. PNC offers a loan with a flexible repayment term of up to 60 months, allowing borrowers to choose a plan that fits their budget. Truist has a MoneyGeek score of 96 out of 100 and offers competitive rates, with an APR range of 8.87% to 17.82%. They also offer same-day fund disbursement, so you can quickly access the funds you need. Another option is PenFed, which has a low APR range of 8.99% to 17.99%, helping borrowers save on interest payments over time.

It is important to consider the potential drawbacks of debt consolidation loans. While they can simplify your finances and lower your interest rates, they may not be suitable for everyone. Applying for a debt consolidation loan may cause a temporary dip in your credit score. Additionally, if you do not stop using your credit cards, you will need to pay off both the consolidation loan and any new credit card debt. It is also crucial to break the habits that led to debt in the first place, such as excessive credit card spending.

If you are considering a debt consolidation loan in Ohio, it is recommended to seek advice from a credit counselling agency or a debt relief company. These organizations can help you understand your options and create a personalized debt repayment plan based on your financial situation. They may also offer free debt evaluations and consultations to help you make an informed decision.

Ohio title loans

To qualify for a title loan in Ohio, you must meet certain eligibility criteria and requirements. Firstly, you must be at least 18 years old and have a clear car title with no outstanding liens, indicating full ownership of the vehicle. Additionally, you will need to provide proof of income, insurance, and residency, along with a valid government-issued ID. It is important to note that failure to repay the loan could result in vehicle repossession.

When considering a title loan in Ohio, it is essential to weigh the associated risks and benefits. Title loans typically come with high-interest rates, and it is crucial to understand the interest rates, repayment terms, and potential consequences of non-payment. If you are unable to repay the loan, it is important to contact your lender immediately to discuss alternative arrangements.

High credit card utilization

While there is no specific point at which your utilization rate goes from good to bad, 30% is the threshold where it starts to have a more pronounced negative effect on your credit score. People with the highest credit scores tend to have utilization rates in the low single digits. Credit card utilization can account for up to 30% of your FICO score, which is a significant portion.

To lower your credit card utilization, you can try the following strategies:

• Make biweekly or multiple payments throughout the month instead of paying once per month.
• Pay down your credit card balances early, before the end of the statement period.
• Request a higher credit limit from your card issuer, especially if your income has increased.
• Refrain from closing existing credit card accounts, as this will lower your overall available credit and cause your credit utilization to increase.
• Take out a debt consolidation loan to reduce the amount you owe on credit cards and potentially lower your interest payments. However, be careful not to run up your credit card balances again after taking out the loan.
• If you have multiple credit cards, switch to using another card when you are close to using 30% of the credit limit on one card.

Debt relief services

Freedom Debt Relief is a credit card debt relief program that offers a way to help you pay less on debt in as little as 24-48 months. The program involves making a monthly deposit into an FDIC-insured dedicated account that you control. Once enough funds are built up in your account, Freedom Debt Relief negotiates with your creditors to settle your debts for less than you owe.

There are several other debt relief services available in Ohio. These include:

• Credit counseling agencies (nonprofit and for-profit)
• Banks, credit unions, and online lenders
• Debt settlement companies
• Government-funded programs that offer services such as free healthcare and home repair
• National Debt Relief, which offers personalized debt repayment plans and low monthly program payments
• InCharge, which offers credit counseling and debt management programs to help consolidate credit card debts into a single monthly payment

It is important to note that the use of debt settlement services may adversely affect your creditworthiness and result in legal consequences. It is recommended to consult with a professional before making any serious financial decisions.

Statute of limitations

The statute of limitations for debt collection in Ohio is six years for most types of debt. This includes consumer loans, where lenders have up to six years to start a lawsuit under the statute of limitations for collections. This means the lender has six years to begin legal action against you regarding the default on the debt from the time you missed the first payment. The six-year countdown begins from when the debt first became overdue or when you made your last payment, whichever was the most recent.

However, the statute of limitations for debt in Ohio can vary depending on the type of debt and when it was incurred. For example, debts from written accounts that went into default before September 28, 2012, have a 15-year statute of limitations under the previous law. This includes credit cards, payday loans, medical bills, or any debt for which a written agreement was signed. For debts incurred after September 28, 2012, the statute of limitations is eight years for written contracts or accounts and six years for oral accounts or non-written contracts.

It's important to note that the Ohio statute of limitations on debt doesn't make the debt disappear or expire. It simply limits the time frame during which a debt collector can take legal action to collect the debt. If the debt is valid, you still owe it until you pay it off, regardless of how much time passes.

If you're facing debt collection lawsuits or are unsure about the statute of limitations for your specific debt, it's advisable to consult with a qualified Ohio debtor defense lawyer or a bankruptcy attorney who can guide you through your legal options.

Frequently asked questions