Payday Loans in Ohio
Technically, payday loans are legal, but they are subject to a maximum APR of 28%. Lenders must be licensed to operate in the state. Borrowers are limited to four loans per year, and no more than two loans in a 90-day period. If a borrower is unable to pay in time, an installment plan is required, not to exceed 60 days.
- Maximum loan amount: $500
- Minimum loan term: 14 days to a maximum of 31 days
- Maximum APR: Maximum $1.08 per $100 borrowed/2 weeks, APR of 28%
- Rollovers: Rollovers are prohibited
Legal Framework for Payday Lending in Ohio
Regulating the fine line of payday lending in Ohio is the Ohio Revised Code
We at PayDayAllDay strongly suggest our consumers to do their research, and carefully analyze and compare the terms of services, rates, fees, and other conditions offered by several lenders before engaging in any borrowing activity.