Consumer Loan Terms
Ohio Online Consumer Loans are short-term cash loans that can be directly deposited into your checking account by your lender. The length and duration of the available loan is limited to 14-51 days but generally aligns with your next payday whenever possible as a convenience to you. At that time, the loan is generally paid back via an authorized electronic withdrawal from your checking account.
Representative Example Of Consumer Loan Fees:
A 14 day single payment loan of $500 has an approximate APR of 348.68% and finance charge of $66.87.
| Example Loans | |||
|---|---|---|---|
| Loan Amount | Term in Days | Annual Percentage Rate | Finance Charge |
| $200 | 14 | 360.43% | $27.65 |
| $300 | 14 | 353.88% | $40.72 |
| $400 | 14 | 350.66% | $53.80 |
| $500 | 14 | 348.68% | $66.87 | $500 | 22 | 366.79% | $110.54 |
An insufficient funds fee of $20 plus any bank fee incurred may be charged for rejected check/debit.
A Credit Service Organization (CSO) fee of 12% of the amount borrowed is applied as a credit service charge for a loan term greater than 14 days for Community Choice’s assistance in connecting you with a lender and providing the support you need as our CSO. You will also be charged a $1.50 credit investigation fee and a 24.95% per year interest rate on loan principal (including CSO fees) by your lender.
To find out if you are eligible for a loan, fill out a new customer application. If you have questions about your eligibility for a loan or to learn more about how an Ohio Consumer Loan works, contact Community Choice Financial.
A single Consumer Loan is typically two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Consumer Loans are not recommended as long-term financial solutions.
Payment Options:
When your loan is due, your lender will automatically withdraw the total amount due from your account. If you need to make other payment arrangements, please contact your lender’s customer service department at 1-855-380-4021.
You may also be eligible to refinance the loan. Refinancing allows you to pay only the interest and finance charges (including the CSO fee) on your original loan now, while refinancing the loan’s principal for another term. A new CSO fee will be incurred if you refinance, as will additional interest over the life of the loan. Thus, by refinancing you will pay more than you would have otherwise paid had you paid the original loan in full on its original due date.
No more than four (4) refinances of your loan will be permitted. We recommend paying additional money towards principal, if possible, to save on CSO fees and interest. Such payments on principal must be made in $100 increments.
How can I refinance my loan?
You may seek to refinance your loan through the Customer Section of the website before 7:45 PM Eastern time the banking day before your loan is due. If you choose to refinance and are approved, your account will be debited for the CSO fee and accrued interest on your loan on the date the loan is being refinanced, together with any additional funds as you may direct to reduce your principal balance. A set of new Agreements will be created for this transaction. The CSO fee is 12% of the amount borrowed depending upon the loan term. The interest charged accrues daily.
The fee and accrued interest will be withdrawn from your account by the lender on the due date you choose. You have the option to refinance your consumer loan up to four times. We must receive your refinance request before 7:45 PM Eastern the banking day before your loan is due.
Payments made more than 10 days after the loan due date may be charged a late fee the greater of $15 or 5% of the scheduled payment.
ACH Authorization:
Your online agreement will be governed by the laws and regulations of the state of Ohio. The agreements provide that if your ACH debit is returned for any reason, you have authorized electronic debits to your account in the amounts up to or less than the amount owed until the amount owed is paid in full. Any authorization remains in full effect until you have provided written notice of termination in sufficient time to act on the termination.
If you have questions or concerns regarding your loan, please contact your lender at 855-380-4021 or ncpinfo@schear.net