Best Personal Loans In Ohio, Payday, Auto Title Laws 2019 - Elite Personal Finance
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Best Personal Loans In Ohio, Payday, Auto Title Laws 2019

EPF November 14, 2019

Chapter 4712 of the Ohio Credit Services Organization Act mandates a $5,000 minimum for installment loans issued within the state. APRs cannot exceed 28% and licensed lenders must offer repayment terms of more than one year.

Specifically, the act states:

  • “No credit services organization shall sell, provide, or perform any of the services authorized under division (C)(1) of section 4712.01 of the Revised Code in connection with an extension of credit that meets any of the following conditions:
  1. The amount of credit is less than five thousand dollars.
  2. The repayment term is one year or less.
  3. The annual percentage rate exceeds twenty-eight per cent.”

Best Bad Credit Loans In Ohio

Lender:Min Credit Score:Loan Amount:APR:Licensed in Ohio:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
Opploans0$1,000 – $4,00099% – 199%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender

 

Best Personal Loans for Good Credit In Ohio

 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Ohio:
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

 

For more information on where to find a cheap loan in Ohio, have a look at our full list of recommended lenders. You can also visit SuperMoney to find a product that’s right for you.

Payday Loans In Ohio

Maximum Loan Amount: $1,000

Minimum Loan Term: 91 days

Maximum Loan Term: 365 days

Maximum APR: 28%

Rollovers: Prohibited

Loan Limit: Total loan proceeds cannot exceed $2,500

 

Payday loans are legal in Ohio.

However, House Bill 123 amended Ohio’s payday loan laws earlier this year, capping loans at $1,000 and APRs at 28%. You can read more about the bill here. Borrowers are prohibited from carrying more than $2,500 in total payday loan debt and terms require a minimum of 91 days.

Licensed lenders are also required to post at each storefront in a minimum of size-10 font:

“WARNING: The cost of this loan is higher than the average cost charged by financial institutions, such as banks or credit unions, on substantially similar loans. A financial institution may be able to offer you a similar loan at a lower cost.”

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