Ohio Payday Loan Laws Details
The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Ohio payday loan laws contact the Ohio Division of Financial Institutions.
Payday loans are legal (low cost) in Ohio (see Ohio Payday Loans or Ohio Installment Loans to compare fees and requirements for individual lenders).
| Feature | Specification |
|---|---|
| Amount (max) | $500 |
| Rates or Fees (max) | 28% annual interest |
| Term Limitations | Minimum: 31 days |
Rollovers are not permitted in Ohio. Nothing is mentioned about cooling periods between loans. Ohio borrowers are eligible for 60 day repayment plan with no fees.
For example, in Ohio the rates and fees on a 14 day, $100 loan are:
| Terms | Amount |
|---|---|
| Loan Amount | $100 |
| Fees | $1.08 |
| APR | 28% |
Ohio also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.
| Feature | Specification |
|---|---|
| Collection Fees | Bank charges (if disclosed); $20 collection charge; Court Costs after default; damages |
| Criminal Action | Prohibited |
A deferred deposit lender may charge a finance charge for each deferred deposit loan that does not exceed $15 for every $100 advanced up to the first 300 of the amount advanced; for the advance amounts in excess of $300, the lender may charge an additional finance charge of $10 for every $100 advanced in excess of $300.