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Ohio Payday Loans

Ohio does make it legal to obtain a payday loan in the state, though you may find some of their regulations a little strange. The state of Ohio currently ranks eighth in terms of the number of payday loan lenders operating in the state, but it also requires lower interest rates. In fact, it has the lowest rates of all states in the country. The payday loan industry is currently booming in Ohio because of the healthy relationship the two sides form, which is a little odd considering the differences in terms between Ohio and other states. At Payday Loans we give you quick service and can help you find just the right payday loan to meet your needs. You only need to spend a few minutes filling out the application and the money arrives in your bank account within a few hours; sometimes less than an hour. We think that once you try our services, you'll see just how easy it is.

Ohio Payday Lending Laws

Ohio has an APR of 390% and makes it legal for payday lending companies to operate in the state. The interest rate remains fairly low, though there are quite a lot of payday lenders working in the state. Interest rates are set at 15% on every $100 that an individual borrows. For example, a person who borrows $200 will pay $30 in interest rates to their lender. The state of Ohio does make it legal to offer payday loans. When compared to other similar states, Ohio has fairly low interest rates. This is fairly surprising considering that the state has quite a lot of payday loan centers. Ohio sets a maximum of 15% interest rate charged on all loans, which is an extra $15 on every $100 a person borrows. An annual APR of 390% is charged in the state. A borrower can borrow up to $800 at a single time, and defer payments on that loan for six months.

Ohio ranks in the eighth spot in terms of the sheer number of payday loan lenders operating in the state. That is out of all states utilizing such companies, and the last count stated that the state had 1,374 payday loan companies working in the state.

Do you live in Ohio and need some extra cash to make it through to your next paycheck? Even the best of us can sometimes find ourselves in that position. You may live in Ohio, be considering a move to the state, or you could live anywhere in the country and still need a payday loan to make it through to that next paycheck. Wherever you live, you can receive a payday loan through our company to make life a little simpler. Maybe there is just something you want to buy now, or you have a bill that you need to pay right away. Asking friends or loved ones for money can be embarrassing, but applying for a loan through us isn't troublesome at all.

All residents of Ohio can easily apply for a payday loan by using our website at Not only do we offer an easy to use electronic form, but we also offer instant approval. Instead of waiting a week or two, or even three weeks you can have the funds you need right away. Apply today at and get those funds you need now and have your information protected.

Get your hands on the money you need now by using our secure and convenient payday advance loan services. If you need help in any way, we are here to help. The underlying mission of our company is to provide the best service and most secure service to all of our customers. It takes only a few minutes to visit and fill out an application. We will provide you with the best possible service around.

Ohio allows for payday loan lenders to operate in the state as long as the company has the right permits from the government. The company must pay $200 for a background check and $500 for the application to apply for the license. The company must have a net worth of $100,000, use ethical practices, be financially responsible, and have a history of treating customers with respect.

Payday lenders are able to attach fees to loans for the services they provide, but Ohio laws places a cap on the fees at 5% each month. The interest cannot be compounded. If the borrower does pay the total amount before the month has passed, they are able to ask for a refund on any interest that may have incurred over the month. For each loan that is granted, the lender is allowed to use a loan origination fee, but there is a maximum of $5 on each $50 an individual borrows. Lenders can also charge a recovery fee of $20 or less if the check is returned due to insufficient funds.

Any payday loan company that operates in the state of Ohio must clearly post their license in an area where potential customers can see it. This same general idea holds true for fee structures on loans as well. A written agreement must be given to the borrower from the lender, with the following included on the contract: the amount of the loan, the interest charged on the loan, the date the loan is due, and the origination fee charged. In the agreement, the lender must state all money in terms of US dollars. The written agreement must also use the following statement under Ohio law, and write it in bold: "Warning: The rate of interest charged on this loan is higher than the average rate of interest charged by financial institutions on substantially similar loans."

A deferment period of up to six months is permitted by the lender in the state of Ohio. An individual can only borrow a maximum of $500 at one time from any one lender. Ohio law prohibits lenders from extending their loans for more than six months or for increasing loans to over $500.

Ohio Unemployment Statistics

The unemployment rate in Ohio has remained between 3.4 and 7.0 percent over the last ten years. The unemployment rate in Ohio was 6.8% in January of 2005. The following year the number of unemployed persons dropped to 6.1%, which indicated a total of 355,859 people without jobs in the state.