Ohio Payday Loans Law

Ohio Payday Loans Law

Ohio State Information

Legal Status: Legal (Ohio Supreme Court decision that payday loans can be made pursuant to the Ohio Mortgage Lending Act and Ohio Small Loan Act or as credit services organizations results in rates up to 591%.)

Loan Terms:

    - Maximum Loan Amount: $500
    - Loan Term: Minimum: 31 days
    - Maximum Finance Rate and Fees: 28% annual interest
    - Finance Charge for 14-day $100 loan: $1.08
    - APR for 14-day $100 loan: 28%

Debt Limits:

    - Maximum Number of Outstanding Loans at One Time: One, four per year
    - Rollovers Permitted: None
    - Cooling-off Period: 2 loan limit in 90 days
    - Repayment Plan: Yes, 60 days, no fees

Collection Limits:

    - Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs after default; damages
    - Criminal Action: Prohibited

Where to Complain, Get Information:

    - Regulator: Ohio Division of Financial Institutions
    - Address: 77 South High Street, 21st Floor Columbus OH 43215
    - Phone: (614) 728-8400
    - Fax: (614) 728-0380

These Ohio payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Ohio government without prior notice.