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Ohio Cash Advance Laws & Regulations

Here are some specific Ohio regulations, to protect consumers from predatory lending in the payday loan industry:

  • Maximum Payday Loan Term
    N/A
  • Maximum Finance Charges and Fees
    28% APR for payday loans, $1.08 per $100 in finance charges
  • Maximum Loan Amount
    $500
  • Number of Rollovers
    None
  • Outstanding Loans Allowed at Once
    N/A
  • Cool-Off Period
    N/A
  • Payment Plan
    60 day plan available
  • Collection Fees
    $20 NSF fee
  • Presentment Limit
    N/A
  • Private Right of Action
    Civil
  • Military Protection
    N/A
  • Penalties
    Arbitration, attorney fees, and all loan costs including late fees

The state of Ohio law for payday loans is currently in flux. Below you will find the regulations meant to govern payday loans, but keep in mind that most lenders in Ohio are operating under various other Ohio laws in order to charge enough fees to maintain business operations in the state. Check with your lender for specific terms and conditions.

References:

Ohio Division of Financial Institutions
Mail : 77 South High Street, 21st Floor
Columbus, OH 43215
Phone: (614) 728-8400
Web: ODOFI