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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.

CashNetUSA Loan

CashNetUSA Loan

Get a convenient payday loan, installment loan or line of credit with fast funding, depending on your state of residency.

  • Loan Amount: Varies by state
  • Turnaround Time: As soon as 1 business day
  • Simple online application
  • No hidden fees or paperwork
  • Dedicated customer service
  • Confidential and secure

    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.

    Careful of lenders that sidestep legal limits

    Ohio payday lenders can’t charge more than 28% for a loan, but almost all lenders register under the Ohio Small Loan Act to avoid this interest cap. This loophole means that payday lenders can charge some of the highest interest rates in the country. Some lawmakers in the state are attempting to close this loophole to make lending more fair to consumers, but until then, read you contract carefully before signing. It could save you hundreds of dollars in the long run.

    A selection of loans you can consider in Ohio

    Check the websites of any providers you’re interested in to confirm they operate in your state of residence.

    Rates last updated November 20th, 2017
    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 Maximum Loan Amount Term of Loan Turnaround Time Requirements
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    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.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    $2,500
    Varies by lender
    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.
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $4,000
    9 to 36 months
    1 business day
    Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit to demonstrate sufficient monthly income.
    MoneyKey-arranged or MoneyKey Installment Loan
    *Apply for money when you need it and receive your funds in as quickly as one business day.
    $1,000 (unless otherwise stated)
    Varies by state
    1 business day*
    You must be a permanent US resident or citizen, at least 18 years old, and have regular income.
    HonestLoans Installment Loans
    Get a flexible installment loan with fast funding through one easy online application form.
    $2,500
    Varies by lender
    As soon as one business day
    Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
    NetCredit Installment Loan
    Build a positive credit history with on-time payments and flexible repayment terms. Check your rate without affecting your credit score.
    $10,000
    Varies upon state
    1-3 business days
    Must be 18+ years old, a legal resident of the US and have a Social Security number. Minimum credit score of 550.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    $2,000
    6 months
    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.

    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).

    If you need quick money, 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?

    Yes. Payday lenders are required to give you 60 days to repay your loan at no cost to you.

    No. State regulations allow you to take out only one payday loan at a time.

    You are limited to two loans in a 90-day period. You cannot take out more than four payday loans in one year.

    No, but the lender can initiate civil action and you may be liable for damages.

    You should file all complaints to the Ohio Division of Financial Institutions.

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    8 Responses

    1. 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.

        Cheers,
        Jonathan

    2. 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.

        Cheers,
        Jonathan

    3. Default Gravatar
      TonyJune 27, 2017

      Can you get a payday loan in Michigan and Ohio?

      • Staff
        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,
        Jason

    4. Default Gravatar
      KenMay 20, 2017

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

      • Staff
        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.

        Cheers,
        Harold

    US Payday Loans Offers

    Learn about our information service
    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.