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With recent changes to payday loan regulations, you’ll want to read up before you borrow.

Payday loans, and other short-term loans, are a useful tool when you’re facing a tough financial situation, but Ohio hasn’t always had the best regulations. With new regulations in place and more flexibility in loan terms, you may be able to avoid paying high fees. Just make sure your lender is up-to-date with Ohio’s laws before you borrow.
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  • 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 work in Ohio?

    In October 2018, Ohio changed its regulations for payday loans – and other short-term loan options – to better enforce the interest rate cap and prevent lenders from charging consumers hefty fees.

    Under the Ohio Revised Code Ann. 1321.35 et seq, payday loans have an interest rate cap of 28%. The lender you borrow from must be licensed by the state of Ohio, and when you borrow, you’ll face these restrictions:

    • Maximum loan amount: $1,000
    • Minimum loan term: 91 days
    • Maximum loan term: 1 year
    • Interest: 28%
    • APR: 60%
    • Monthly maintenance fee: 10% of the principal or $30, whichever is lesser
    • Origination fee: 2% of a loan amount greater than $500
    • Check collection charge: $20
    • Prepayment penalty: Lenders can’t charge a prepayment penalty

    Your loan may be less than 91 days if the total monthly payment on your loan doesn’t exceed 6% of your gross monthly income or 7% of your net monthly income, whichever is greater.

    These laws make payday loans more difficult to come by, so you should expect to find more lenders offering installment loans. Make sure you review your loan contract carefully. If a lender doesn’t abide by these new regulations and attempts to charge you excessive fees, stay away. There are plenty of lenders out there, so don’t settle for one that’s willing to skirt the law.

    Compare your loan options in Ohio

    Rates last updated December 11th, 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.
    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.
    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.
    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.
    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.
    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.
    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

    What happens when I get a payday loan?

    Lenders are required to provide you with a loan contract must be provided to you and include the terms and conditions of the loan, the total amount you need to pay back to your lender, when your payments are due and a warning about the high cost of a short-term loan.

    If you agree to take out a loan, you have the right to cancel your loan by 5 p.m. on the third business day after your loan contract is finalized. A lender is also limited in the amount of times it can attempt to collect your payment: it is not permitted to collect from your account after two failed consecutive attempts.

    Ohio law also sets a cap on the total amount you can have out at any time. You may have no more than $2,500 in short-term loans borrowed and will be required to sign a declaration that you can legally borrow the loan.

    What are the alternatives to payday loans?

    Payday loans, and other short-term loan options, aren’t always the right choice if you’re struggling with bills and have consistent financial issues. To lower your daily costs, you may want to look into assistance programs like Medicaid, the Emergency Food Assistance Program (TEFAP) or the Home Energy Assistance Program (HEAP). You can also browse your other payday loan alternatives to see how else you can avoid taking out a high-cost loan.

    Bottom line

    With recent changes to Ohio’s payday loan laws, you’re in a better position to save money when you need a short-term loan. However, this doesn’t mean it won’t cost you. Payday loans are still an expensive option, so carefully compare your options before settling on a lender.

    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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