Ohio Payday Loan Laws

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By Shawn Martin

 

 


Ohio State Flag

Ohio State Flag

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!

 

We can help!


If you get caught in too much payday loan debt in Ohio or 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.

Everyone deserves piece of mind with these companies.

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12 comments

  1. Sonya says:

    Well, I live in Ohio and know plenty of people who have taken out these loans and are over their heads in debt. It’s been a cautionary tale that I have taken seriously. No payday loans for me!

    • Shawn says:

      They can really mess with you. Tell your friends we can help them get rid of those nasty loans. :) Thasnks for stopping by Sonya!

  2. Doug says:

    Here in the UK payday loans seem to be very much unregulated. One company charges an amazing interest rate:

    Representative APR 4214%

    No wonder people are getting into some very serious trouble!

  3. Tim says:

    You know Shawn theses loan places have popped up all over the place and they are getting more people over their head than they are worth….Should be a law….emmm loan sharking…didn’t they go to jail at one time if caught….now it is legal….times are a changing…not sure for the better all the time….nice post Shawn….

  4. Zach says:

    So if the APR is so high, why do people get payday loans! I feel like if more people knew what a trap these were they would find other ways to get the money!

    • Shawn says:

      Some states the APR can reach up to 2000. People get desperate and need money, and just do not look at all the details. By the time they realize how far upside down they are it is too late, they are trapped.

  5. Paul says:

    I’ve heard about the return of debtor’s prison. Is that a concern with these kinds of loans? Could someone end up going to jail if they have trouble paying it back?

  6. Ty Johnson says:

    do these companies make multiple loans to the same people or do they have to go to different companies and get their loans?

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