Ohio Payday Loans

If you’re in a cash crisis, and need a spot of cash, Ohio payday loans could be an ideal solution. 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, finding the perfect payday loan is only a few minutes away.

How does payday lending work in Ohio?

Ohio changed its regulations for payday loans in October 2018. They decided to do so 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%.

Here are some details for taking out a payday loan:

  • Maximum loan amount: $1,000
  • Minimum loan term: 91 days
  • Maximum loan term: 1 year
  • Interest: 28%
  • Monthly maintenance fee: 10% of the principal or $30, whichever is lesser
  • Collection fees: $20

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.

What other options can I get for a Short Term Loan?

The lender you borrow from must be licensed by the state of Ohio. These laws make payday loans more difficult to come by, so you should expect to find more lenders offering installment loans. Be very sure you review your loan contract carefully.

Benefits of a Payday Loan in OH

Payday loans come under a lot of negative press, however, getting a payday loan could come with more benefits than you’d think… Here are some benefits to think about:

  • Easy online application – We make the process simple the whole process takes less than two minutes.
  • Simple qualification – Meet our eligibility requirements, have a good payday loan and banking history.
  • Approval in minutes – No long waiting, you’ll have a response to your request in minutes.
  • Quick funding right to your bank account – You’ll have the cash you need the same day or the following business day at the latest.

Ready to get a Payday Loan?

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, if you think you’re ready for a payday loan, now’s the time to apply!

Register Now!