Payday Loans Ohio
Ohio State – Payday Loans Information
Payday loans Ohio are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.
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%.)
Maximum Loan Amount: $500
Loan Term: 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%
Maximum Number of Outstanding Loans at One Time: One, four per year
Cooling-off Period: 2 loan limit in 90 days
Repayment Plan: Yes, 60 days, no fees
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs after default; damages
Criminal Action: Prohibited
Call for Cash: +1 (855) 462-5019
Get matched with direct lender Apply Now!