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A payday loan may be simple to get, but make sure you know the laws first.

If you’ve fallen on hard financial times, you might be looking into a payday loan. As an Ohio resident, you should be sure to confirm that you’re being charged the right interest rate and that the terms are something you can afford.

CashUSA Installment Loans

Our top pick: CashUSA

Need a quick cash loan as high as $10,000? This loan connection service could help.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $10,000
  • Loan Term: 90 days to 72 months
  • Turnaround Time: As early as 1 business day
  • Requirements: Must have a monthly income of $1,000+ after taxes and valid checking account.

    How does payday lending in Ohio work?

    Payday lending is legal in Ohio under the Ohio Revised Code Ann. 1321.35 et seq., however there are no lenders officially licensed under these statutes. Instead, lenders register as small loan lenders (versus short-term lenders) in order to avoid the interest rate cap of 28%.

    This means that Ohio lenders skirt the law and often charge well over 600% APR.

    In order to protect yourself from predatory lending, be sure your lender is following these official regulations:

    • Maximum loan amount: $500
    • Loan term: 31 or more days
    • APR: 28%
    • Finance charge: A loan costs $1.08 per $100
    • Collection fees: $20 collection charge

    If you default on your loan, a lender may also charge you for court costs and possible damages.

    New laws on the way

    On October 29, 2018, a new set of payday loan regulations will come into effect. A 2008 law prevented payday lenders from charging more than 28% interest, but many skirted this regulation by register under the Ohio Small Loans Act.

    These changes mean that Ohio payday lenders will no longer be able to charge the nation’s highest interest rates. Loans for less than 90 days will have a payment cap of 6% of your gross monthly income or 7% of your net monthly income. For loans between 90 days to one year, fees can’t exceed 60% of the loan value, and monthly fees will be limited to either 10% of the original loan amount or $30, whichever is less.

    There will also be a few other changes, including banning the use of car titles as collateral for small loans and giving borrowers a three-day window to return their loan.

    Compare your loan options in Ohio

    Rates last updated October 21st, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Max. Loan Amount Turnaround Time Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    1 business day
    Must have direct deposit and meet minimum income requirements.
    CashUSA Installment Loans
    A connection service for quick cash loans up to $10,000.
    As early as 1 business day
    Must have a monthly income of $1,000+ after taxes and valid checking account.
    Jora Installment Loans
    Installment loans with repayment terms up to 30 months, depending on your state.
    1–2 days
    Must have an active checking account, regular source of income and email address.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    LendYou Short-term Loans
    Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
    1 business day
    You must be a US citizen or permanent resident, age 18+ and have a regular income.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    As soon as next business day
    Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.

    Compare up to 4 providers

    How do I apply for a payday loan?

    All payday lenders will require that you be at least 18 years old, have a regular source of income and be an American citizen or permanent resident of the US.

    The application will usually have questions asking for your personal information like your Social Security number, employer, income and often your bank account numbers.

    What are the alternatives to payday loans?

    If you’re struggling between paying your debts and paying your everyday bills, you may want to look into assistance programs like Medicaid, the Emergency Food Assistance Program (TEFAP) or the Home Energy Assistance Program (HEAP).

    Take a look at other payday loan alternatives here

    Bottom line

    Although payday lending is technically legal, lenders often take advantage of loopholes to avoid abiding by the laws that limit the interest they can charge. This means you need to be careful when taking out a loan and consider a payday loan only when you’ve exhausted your other options.

    Have any more questions about payday loans in Ohio?

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    10 Responses

    1. Default Gravatar
      ANGELICJune 18, 2018

      I have a prepaid DEBIT card and want to know where can i get a loan at.

      • finder Customer Care
        JoanneJune 19, 2018Staff

        Hi Angelic,

        Thanks for reaching out.

        You may visit this page and check on lenders that allow for loans that may be credited to a debit card.
        The page will guide you on what you need to know about what prepaid debit cards can help you access your loan funds without a bank account or strong credit.

        Hope this helps,

    2. Default Gravatar
      CarolOctober 2, 2017

      How can I get a $500 dollar loan within 1-2 days without a savings or checking account.

      • Default Gravatar
        JonathanOctober 2, 2017

        Hello Carol,

        Thank you for your inquiry.

        There are lenders which allow prepaid cards to be used as a settlement of your proceeds or cash pick-up. You may need to inquire about its availability as this varies per lender.

        Please be reminded to check the loan requirements and eligibility before applying.

        Hope this helps.


    3. Default Gravatar
      CaseySeptember 27, 2017

      Can I get a emergency loan in Ohio even though I live in Indiana

      • Default Gravatar
        JonathanSeptember 28, 2017

        Hello Casey,

        Thank you for your inquiry.

        Generally, this is not allowed as lenders would need to still verify your state of residence.

        However, there may be cases it can be considered, so long as you have temporary residence in that state. This is largely on a case-by-case basis depending on your lender. You can read more information about that in this page.

        Hope this helps.


    4. Default Gravatar
      TonyJune 27, 2017

      Can you get a payday loan in Michigan and Ohio?

      • finder Customer Care
        JasonJune 27, 2017Staff

        Hi Tony,

        Thank you for your enquiry.

        Payday loan options are legal in both Michigan and Ohio and, as long as you meet the eligibility criteria and requirements of the lenders, you may apply for a payday loan in those mentioned territories.

        Please check out this page for a guide on applying for payday loan in Michigan and the please check out the details above for payday loan guide for Ohio residents.

        I hope this helps.

        Kind regards,

    5. Default Gravatar
      KenMay 20, 2017

      Can I get the money if apply at one your store?

      • finder Customer Care
        HaroldJune 26, 2017Staff

        Hi Ken,

        Thank you for your inquiry.

        While we do not represent any company that we feature on our pages, we can offer you a general advice. In general, the process is quick and simple, only taking five to 10 minutes, whether you apply in-store or online.

        I hope this information has helped.


    US Payday Loans Offers

    Important Information*
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

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