Regulator Details

Ohio Division of Financial Institutions

77 South High Street, 21st Floor
Columbus, OH 43215
Phone: (614) 728-8400
Contact: Robert M. Grieser, Deputy Superintendent for Consumer Finance

Ohio Payday Loan Laws

Payday Hound's Top Ohio Lenders

Check Into Cash

5 Rating
The Payday Hound Rating
  • Direct lender online or at stores.
  • Founding member of CFSA. Live chat.
  • TN based. State Licensed. Since 1993.

CashNetUSA

5 Rating
The Payday Hound Rating
  • Get 50% initial loan fees. Code: NEWCASH50
  • Large online lender. Live chat
  • State Licensed. Based in IL. Since 2004.

Ohio Payday Loan Laws Details

The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Ohio payday loan laws contact the Ohio Division of Financial Institutions.

Payday loans are legal (low cost) in Ohio (see Ohio Payday Loans or Ohio Installment Loans to compare fees and requirements for individual lenders).

Feature Specification
Amount (max) $500
Rates or Fees (max) 28% annual interest
Term Limitations Minimum: 31 days
General Loan Terms

Rollovers are not permitted in Ohio. Nothing is mentioned about cooling periods between loans. Ohio borrowers are eligible for 60 day repayment plan with no fees.

For example, in Ohio the rates and fees on a 14 day, $100 loan are:

Terms Amount
Loan Amount $100
Fees $1.08
APR 28%
Sample Loan Terms

Ohio also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.

Feature Specification
Collection Fees Bank charges (if disclosed); $20 collection charge; Court Costs after default; damages
Criminal Action Prohibited
Regulations on Collections
Finally, a more detailed excerpt from Ohio's statutes on finance charges is listed below. In general the tables above summarize this.

A deferred deposit lender may charge a finance charge for each deferred deposit loan that does not exceed $15 for every $100 advanced up to the first 300 of the amount advanced; for the advance amounts in excess of $300, the lender may charge an additional finance charge of $10 for every $100 advanced in excess of $300.

Citation: Ohio Rev. Code Ann. 1321.35 et seq.