Ohio

State Payday Loan Law Information

Payday loans in Ohio are restricted to amounts equal to or less than $500.  The maximum term of any loan is 31 days.  The maximum finance rate and fees are 28% annual interest.

The maximum number of outstanding loans at is limited to four per year. No rollovers are permitted.  There is a cooling off period of 2 loans in a period of 90 days. Provisions for a repayment plan are included.  The loan repayment period is every 60 days with no additional fees.

Collection fees are permitted along with bank charges if this provision is included in the loan documentation along with a $20 collection charge, and court costs after default and damage costs have been met.  Criminal action is prohibited.

 

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