Payday Loans Ohio – Current Information About An Ohio Payday Loan

Similar to other states, Ohio occasionally changes its laws and regulations covering payday lending.  Current information can help you decide if an Ohio payday loan is for you.

Ohio State Payday Loan Law Overview

Currently, a borrower in Ohio cannot receive more than $800. on a payday loan, regardless of his income.

An Ohio resident can have up to sixty days to repay his loan.  The minimum payoff time is thirty-one days.  While some states require borrowers to fax documents when applying for online loans, Ohio does not have this requirement.

State law does not allow borrowers to receive extensions on payday loans.  A borrower can ask for a payment arrangement instead.  No additional fees can be charged for payment arrangements.  If you request a payment arrangement, you will have up to thirty-one days to repay the loan.

In Ohio, a payday loan is considered a short-term loan.  For this reason, lenders and borrowers are covered by the state’s short-term loan laws.  This benefits the consumer, as the APR is capped at 28%.  However, lenders can charge numerous additional fees on unpaid balances.  This should be an incentive to repay on the due date.  If no extra fees are included, the 28% APR makes an Ohio payday loan an inexpensive option for borrowers.

Lenders who abide by this law have a special license to offer payday loans.  There are others who choose a different license, and are able to charge higher fees.  There are also payday lenders who offer loans by using prepaid cards so they are not affected by the cap on interest rates.  Neither of these options are in the best interest of the consumer.  Borrowers should make sure a lender has the correct license, and uses a traditional means of funding loans.

Ohio residents can only have one payday loan at a time.  The law also limits residents to no more than four loans in a year.

An additional point of interest is online lenders who legally provide payday loans to Ohio residents must have a location in Ohio.

An Ohio payday loan is affordable to most residents.  You can apply for one online, or in person.  However, as there are lenders who attempt to get around the laws, make a point of knowing in advance that the lender is reputable.  Keeping this in mind can help you save a considerable amount of money, and unnecessary complications.

Best Payday Loans Ohio

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Go to AmeriAdvance
Plain Green Loans
59.84% �?378.95%
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100 Day Loans
100 Day Loans
Cashnet USA
Cashnet USA
Check City
Check City
Cash Central
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Great Plains Lending
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Great Plains Lending
Payday One
Payday One
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