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Payday Loan Laws in Ohio
Payday loans are small, short-term cash loans. Generally, consumers write a post-dated check for
the desired amount, in addition to an interest fee. The lender will hold onto the check until
the next payday (usually 14 days) and then deposits it. Consumers also have the option to
return with cash to reclaim the check. Or, in some cases, consumers can repay the loan with
a signed agreement which allows the lender to electronically withdraw the funds from their
bank account on a pre-determined date. Payday loans are regulated by state; therefore,
it's important to understand your state laws.
Payday loan laws in Ohio include the following:
The maximum amount of money you're allowed to borrow may not exceed $500.
The maximum annual interest rate is 28%.
The minimum loan term is 31 days.
Example:
(Assuming the loan term is 31 days)
A loan for $100 + $2.33 interest fee = $102.33 total
A maximum of one outstanding loan is permitted at a time, four per year.
'Roll-overs' are prohibited, meaning that a lender cannot offer you a new loan to repay an existing loan.
A mandatory 'cooling-off' period of 90 days is required after you repay 2 consecutive loans.
Lenders may charge a one-time fee of $20 or less for insufficient funds. However, this does not apply to the fees your bank may charge.
The Ohio Division of Financial Institutions licenses and regulates payday lenders and the payday loan industry for Ohio. Online payday lenders that lend to Ohio residents must be licensed and comply with their loan limits and terms. You can verify the license of a payday lender in Ohio by calling 614-728-8400 or online.
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