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What Are The Laws For Payday Loans In Ohio?


Payday loans are legal in the state of Ohio. Whether you live in Columbus, Cleveland, Cincinnati, Toledo, or Akron, you can get an effective and fast payday loan in Ohio State. Typically, a payday loan, no matter where it is being taken out, will be required for a short period of time, usually up to 30 days or so, to be repaid in full, plus interest just after the borrower’s payday from their place of regular employment.

There are more than 30 states in the USA which have legalized payday loans and lending, although specifics vary from state to state. In some states however, such as New York and others, payday loans are not legal and therefore, you will not be able to borrow money online in the form of a payday loan if you reside in New York, or another state which has not legalized payday loans.

Are Payday Loans Legal In Ohio? 

Yes. According to Ohio state law, payday lending is legal in the State of Ohio. Ohio is one of thirty-two states in the US that have not made payday loans illegal. If you live in Ohio, you can receive a payday loan if you are in need of some quick cash, even if you have bad credit. The added benefit of this is that many payday lenders, online and in store may well be able to lend you money in different forms. For example, a company offering payday loans online may also be able to lend you a no credit check loan or a bad credit loan.

What Laws Apply To Payday Lending In Ohio?

Payday loans are legal in Ohio, but legislation is in place that restricts payday lending and sets out some specific guidance for borrowers as well as payday lenders in Ohio. In 2018, lawmakers introduced regulations on payday loans that all short-term lenders in Ohio must comply with. Before the Fairness in Lending Act, interest rates had skyrocketed, reaching as high as 677% APR. Now, there is a 28% APR cap, amongst other rules to protect borrowers from loan sharks and other unscrupulous lenders in Ohio. 

Ohio’s payday loan laws are as follows:

  • All nonbank lenders in Ohio must obtain a Short-Term Loan Law license
  • Ohio has a payday loan limit, allowing up to a maximum of $1000 loans
  • Payday loan terms must be for a period between 91 days and one year
  • Ohio’s maximum interest rate allowed on a payday loan is 28% (APR)
  • In Ohio, one payday loan at a time is permitted
  • No rollovers are allowed on payday loans in Ohio
The State of Ohio does allow payday lending with a few limitations

What Laws Apply If I Can’t Repay My Loan In Ohio?

Criminal charges against payday borrowers are prohibited in the state of Ohio.

While it is possible that the lender will file a lawsuit against you, they cannot threaten you will jailtime, unlike what may happen in other states. If you are taken to court in Ohio for defaulting on your payday loan, the court may allow the lender to pursue the debt by seizing your assets, which may lead to you losing your car or your home. However, you will never face jail in Ohio if you cannot repay your payday loan. The Statute of Limitations for taking action against a defaulted loan is eight years from the last payment. 

What Are The Eligibility Criteria For A Payday Loan In Ohio?

To get a payday loan in Ohio, you must meet some eligibility requirements. You will need to be at least 18 years and a US resident. You also need a regular income of at least $800 per month and an active checking account to receive the money. This applies to all short term loans, whether you need to borrow $500, $600, $2,000 or even more. 

Is A Payday Loan in Ohio Right For Me?

A payday loan in Ohio may be the right option if you are struggling to cover your expenses until your next paycheck. If you’ve experienced a financial emergency, an Ohio payday loan can help you get back on your feet. A payday loan could be your best option if you don’t have alternatives, such as borrowing money from family or friends. There are various alternatives to payday loans, no matter where in the USA you are and you should always consider the alternatives before applying for a payday loan.

We all experience unforeseen expenses from time to time. Whether it’s car repairs, a hospital bill, or veterinary costs, a payday loan can help you get cash quickly and can help you get the money you need fast, to pay off your debts and pressing expenses and get back on your feet.

Payday loans are designed for people struggling with a temporary financial shortfall. They should not be used not to pay off other loans or spent frivolously on shopping or a holiday. 

Where Can I Get A Payday Loan In Ohio?

From Cincinnati to Cleveland, wherever you are in Ohio, if you are looking for a payday loan, it should only take a few minutes. You can use an online loans connection service or loans engine to help you scour the payday loan market and find the right one for you. A loan engine instantly searches hundreds of direct lending companies to offer you a loan. A decision is returned to you quickly, without having to approach multiple direct lenders yourself. 

An online loan engine can be the most convenient way to find a payday loan in Ohio. The process is 100% online, and the request form takes just a few minutes to complete. Best of all, the service is entirely free of charge.

You may also go into payday loan stores in Ohio to find the loan you need, on the terms that work for you. Although California has the most payday loan stores in the USA, there are over 100 payday loan stores in Ohio, that may be able to lend you the money you need, although you should always compare options and look at where you can get the loan you need from the lender that works best for you.

Are You Looking for a Payday Loan in Ohio?

Kallyss can help you today. Kallyss is an online loan engine that can find same-day funding when you need cash quickly. Kallyss works with lenders to offer payday loans all over Ohio. We understand how scary it can be when facing a financial crisis, and Kallyss is here to help. Enquire today to get an instant online decision.