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By Shawn Martin
Ohio payday loan laws are set up much like most states in they do make the lenders rich! I know, strong words but true.
You may take out a payday loan in Ohio for up to 6 months, with a loan limit of $800.00 There are no limits on how many loans you may take out at once and there are no roll over limits in Ohio.Considering the average roll over rate on payday loans is between 4 to 5 times per loan, well, you can see this is a bad combination.
You could roll over a two week loan 12 times in 6 months, leading to incredible rates and too many times default.
Ohio payday loans are allowed to charge 5% on any unpaid monthly balance plus a $5.00 fee plus $3.75 fee for every $50.00 above $500.00 This works out to be about an APR of 390% on a 14 day $100.00 loan. Ouch!
The best way to do business with these companies is to not do business with them at all. If you do have to use their services, take out as little as possible and pay the total of the loan back on the first due date! This is the only safe way to use these loans.
You will still be getting hit really hard on interest but only one time. Do not let yourself get in the trap of rolling over the loan!
If you get caught in too much payday loan debt in Ohio pr any other state we can help! Check out our payday loan debt repayment plan for a no obligation free quote on how we can help you.
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