We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.
Compare your loan options in Ohio
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.
Our top pick: OppLoans Installment Loans
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
Our top pick: OppLoans Installment Loans
- Min. Loan Amount: $500
- Max. Loan Amount: $5,000
- Turnaround Time: 1 business day
- Loan Term: 9 to 36 months
- Requirements: Direct deposit, meet minimum income requirements
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
Updated September 23rd, 2019
{"niche":"USFSL","state":"oh"}
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?
Ask an Expert
If someone took out a title loan with unreal payback rates can they take your car
Hi Angela,
Thank you for reaching out to finder.
Though it may seem that the payback rates are a bit high, the loan company could still take your car as payment for the delinquency. This though needs a court action for it to be done unless otherwise stated in your contract with the loan company. It is best to work a solution out with the company for a win-win situation prior to making any decision. Hope this helps!
Cheers,
Reggie
I have a prepaid DEBIT card and want to know where can i get a loan at.
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,
Joanne
How can I get a $500 dollar loan within 1-2 days without a savings or checking account.
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
Can I get a emergency loan in Ohio even though I live in Indiana
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
Can you get a payday loan in Michigan and Ohio?
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
Can I get the money if apply at one your store?
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