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We've seen a decline in the number of unsecured loans that banks provide in the past few years. While it may be challenging to get a personal loan from a bank, you could still get financing by taking a payday loan.
The way payday loans are governed varies from state to state, and the laws in Ohio are quite different from the laws set in the other states.
Compare online loans in Ohio with our loan comparison tool above, or read more about online payday loan laws in Ohio below.
The Advantages of Online Ohio Loans
Cash Advance Collections in Ohio
Cash advance borrowers in Ohio can defer their payments for up to 6 months. Lenders have two main options when it comes to collection rules. They can collect their loan without legal assistance or sell the debt.
Those collecting on behalf of the payday lenders should properly identify themselves to the borrower or his family. Harassing borrowers over the phone or calling after 9 p.m. is considered illegal.
A repayment plan is offered if you fail to meet the payment deadline. A lender has the right to file a legal case against you if you default a loan.
Alabama Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 28% |
| Max. Loan Amount | $1,000 |
| Min. Loan Term | 91 days |
| Max. Loan Term | 1 year |
| Number of Rollovers | 0 |
| Finance Charges | 28% |
| Statute of Limitations | 8 years |
Ohio has a $1,000 payday loan limit. Payday loans can be taken for the period from 91 to 1 year with a maximum interest rate of 28% (APR). One loan at a time is allowed. No rollovers are allowed. Criminal actions are prohibited.
Ohio used to be is a tricky place when it comes to payday loans. They were excessively expensive with APR reaching up to 677%* until October 2018, when Ohio changed its regulations for payday loans.
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An online personal loan can help when you need cash for large purchases or unplanned expenses.
Online Loan Options in Ohio
The Short-Term Lender Law (STLA) was enacted in Ohio in 2008. If you want to get a cash advance in Ohio, here is more information on how this law protects consumers.
The payday lending law in Ohio can be regarded as one of the best when it comes to protecting consumers.
It prohibits lenders from making short-term loans available by mail, over the phone or through the internet.
The STLA requires all lenders to register with the state. Payday loans in Ohio are regulated by the Department of Commerce.
Thus, the interest rate and fees that lenders charge are determined by the state.
Here are some more additional protections in Ohio State:
- Loan duration should not be less than 31 days;
- The loan amount cannot be more than $500;
- The interest rate is capped at 28%;
- The loan amount should not exceed 25% of a borrower’s gross income.
The Ohio Supreme Court has held that payday lenders can also be mortgage lenders under the Mortgage Lenders Act.
According to Ohio law, only lenders who have been licensed and paid an application fee of $500 can collect their loans from defaulters.
All transactions by unlicensed lenders are rendered null and void, thus they cannot file any legal actions.
Why Compare Personal Loans at Financer.com
Compare Ohio Loans at Financer.com
Financer.com helps you compare the best personal loans in Ohio and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Ohio and take the guesswork out of doing all the legwork yourself.
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Ohio Loans - FAQs
Are payday loans legal in Ohio?
Yes, payday loans are legal in Ohio but the maximum loan amount is $1,000 with a 28% APR limit.
What is the maximum term for an Ohio loan?
A payday loan in Ohio has a term of between 91 days to one year.
What does a cash advance loan in Ohio cost?
Payday loans in Ohio are limited to 28% APR.
Where can I get a payday loan in Ohio?
There are many online lenders that offer loans in Ohio such as CashUSA, PersonalLoans.com and BadCreditLoans.com.
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