In need of a loan? Go through this guide to find out about taking out a payday loan in Ohio.
Payday loans, also known as short-term loans, are an easy way to get cash in a hurry. Ohio residents have plenty of options to choose from.
Read this guide to find out more.
LendUp Payday Loans
Apply for a payday loan conveniently online and borrow between $100 and $250.
- Min. loan amount: $100
- Loan term: 7–30 days
- Total costs: Depends on your state, loan product, loan amount and the term of the loan.
- Must be 18+ (19+ in Alabama)
- No security deposit needed
- Confidential and secure
- Visit the site to see if available in your state
Are payday loans legal in Ohio?
Payday loans are legal in Ohio.
Sections of the Ohio Revised Code govern all payday loan providers in the state. A lender must obtain a license. A borrower can take out a loan of up to $500.
Unlike other payday loans, Ohio requires providers to have terms over 31 days. This means when you borrow a loan, you won’t have to repay for at least a month. If you have trouble repaying your loan, you can extend the loan term for 60 days through a payment plan at no additional charge.
Payday lenders must provide borrowers with contracts that disclose loan terms and conditions in a clear and concise manner. If you don’t like the terms of your contract, you are under no obligation to sign.
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.
Why you might consider taking out an Ohio payday loan
Here are some features to keep in mind when you’re making your decision.
- Applying is easy. Some Florida payday loan lenders have storefront loans, and others work entirely online, meaning you can apply from anywhere.
- Get money quickly. In-store applications can be processed the same day so you can see your money within hours. Online applications take 24 hours to process, but the money will be directly deposited into your bank account.
- Use the money for any purpose. What you choose to do with the money you get is basically up to you. You can use this money to travel, pay bills, repair your car or just to get by during a rough patch.
- Bad credit is OK. Short term lenders tend to apply slightly less stringent lending criteria when compared to banks. Instead of looking only at your credit score, they take your existing financial situation and ability to repay into account.
What you can expect to pay for an Ohio payday loan
If you get a payday loan in Ohio, state regulations govern how much you may have to pay in fees and charges. They are as follows:
- Finance rate and fees. The APR on payday loans cannot exceed 28% in Ohio.
- Collection fees: You’re liable for bank charges, if disclosed, and lenders can ask you to pay a collection charge of $20. You may also be liable for damages and court costs if you default.
- No rollover fee. Rolling over a payday loan isn’t legal.
How can I apply for a payday loan in Ohio?
You can apply for a payday loan online or by visiting a storefront location.
- You should be at least 18 years old
- You should be a US citizen or a permanent resident
- You should have a regular source of income
- Your name, date of birth, Social Security number and a valid form of ID
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Where else are payday loans available?
Compare payday loans in your state
Have any more questions about payday loans in Ohio?
Can I take multiple payday loans from different lenders at the same time?
No. State regulations allow you to take out only one payday loan at a time.
Is there a cooling off period between loans?
You are limited to two loans in a 90-day period. You cannot take out more than four payday loans in one year.
Can a lender take criminal action against me if I don’t repay a payday loan?
No, but the lender can initiate civil action and you can be liable for damages.