Ohio State - Payday Loans Information

Payday loans 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%.)

Loan Terms:

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%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: One, four per year

Rollovers Permitted: None

Cooling-off Period: 2 loan limit in 90 days

Repayment Plan: Yes, 60 days, no fees

Collection Limits:

Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs after default; damages

Criminal Action: Prohibited

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

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