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!