Specifics of Ohio Payday Loans

Payday loans are allowed by law in Ohio (OH), under state regulations. Borrowers may access loans of up to $1,000 in value. The minimum loan amount available is up to each payday lender. Generally, most businesses accept applications starting from around $150. An applicant is not allowed to have more than $2,500 borrowed from all lenders.

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Ohio Rev. Code Ann. 1321.35 et seq. allows Ohio residents may apply for payday loans. If they qualify, borrowers can get $1,000 for a minimum term of 91 days. The maximum loan term cannot exceed one year. According to state laws, the annual interest rate for payday loans is capped at 28%. The rule was adopted back in 2018 to reinforce fair lending practices. Also, the maximum borrowed amount from all lenders cannot be over $2,500, for the borrowers’ protection. One customer can only have one cash advance at a time.

All lenders in Ohio must operate under a Short-Term Loan Law license, whether they work in-store or online. Thus, companies that have offices in other states can easily expand their online business to Ohio, as well.

Payday Loans Restrictions in Ohio

Terms Payday Loans Installment Loans Personal Loans
Law Status legal legal legal
Citation FINANCE CODE    
MIN amount $100 $1,000 $1,000
MAX amount $500 $5,000 $35,000
MIN term 14 days 90 days 90 days
MAX term 31 days 36 month 60 month
min APR Varies by lender 6.63% 4.99%
max APR 28%    
Extra fees none    
Collection fees none    
Guarantor None, unsecured None, unsecured None, unsecured
Nr. of simultanous loans 1    
cooling-off period 90 days    
Rollover Not allowed    
Extension/repayment plan One repayment plan    
Credit Score A for Bad Credit A for Bad Credit A for Bad Credit
Penalties Maximum $20 collection charge    

Ohio Finance History

Ohio finances mainly derive from the three main industries: aerospace and defense, bioscience, and healthcare. Other noteworthy industries include banking and insurance, vehicle manufacturing, steel production, as well as accounting. The private sector employing around 50% of the population counts over 900,000 employers. The number of jobs is on the rise in Ohio, along with an increase in GDP.


Ohio residents may request up to $1,000 as a cash advance. According to lenders, the most popular loan amounts are $250, $300, $350, $400, $500, $600, $750, and $1,000. Unlike applicants from other states, Ohio allows a generous maximum term of one year. Rollovers are not possible, and they are rarely needed due to the permissive rules.

Borrowers that need more money can apply for payday installment loans, which allow applicants to obtain $1,500, $2,000, $3,000, $4,500, up to $5,000. The repayment terms for installment loans span over several months. Customers pay off these loans in fixed monthly payments.

Payday loans History

Ohio authorities approved the Pay Day Loan Act in 1995. Certain financial institutions started offering customers expensive loans that were due on their next payday. In 2000, the Truth in Lending Act made it mandatory for all lenders to fully disclose the terms of the loans they were offering.

The number of payday loan stores grew by ten times in 2007. The industry developed, but some lenders were still implementing unfair practices. As a result, state authorities capped the maximum loan amount to $500. Still, some lenders were able to bypass the law. State laws enacted the Fairness in Lending Act, which required all lenders to have a license, imposed a maximum amount of $1,000, and capped the APR at 28%.

How do online Payday Loans work in Ohio?

Taking a payday loan in Ohio is convenient, mainly due to the loose loan terms compared to other states. The capped APR is another advantage that Ohio residents may enjoy. Besides, a short-term cash advance in Ohio can help you pay for emergency expenses. Most customers use payday cash advances to pay for medical bills, repair works, or unplanned travel expenses.

Getting a payday loan online, as opposed to in-store, seems to be more convenient to applicants. Accessing a cash loan online only takes a couple of minutes. Customers can use their personal computers, laptops, or smartphones. On typical work hours, a lender should get back to an eligible applicant within a few minutes. It’s common for borrowers to receive their funds as soon as within 24 hours. Online applications are paperless and don’t require the use of a fax machine.

Applying in-store gives you the clerk’s undivided attention throughout the loan process. You may ask any questions and receive immediate feedback. If you prefer face-to-face interactions and have a nearby location, it may be more reasonable for you to apply in-store. Take note that you may need to bring paper documents or scans.

The most important state restriction for Ohio payday loans is the amount capped at $1,000 and the APR at 28%. A borrower is not allowed any rollovers and cannot have over $2,500 in loans from all lenders.

Payday Loans Requirements in Ohio

To apply for a payday loan on the territory of Ohio, an applicant must be over 18 years of age, a US citizen or permanent resident, have a steady recurring source of income. Having a steady job is the best option to get approval from direct lenders. However, people on disability or social benefits may also apply if they receive their alternative income regularly. Another mandatory criterion is having an active bank account. In case of a positive response from the loan provider, your money will be deposited directly into your account. Lending services will also ask for your basic contact details, mainly for communication purposes. You will need to share your email account and your phone number.

Veterans and retired people are free to apply for payday loans in Ohio. While other financial institutions may restrict the access of veterans and retirees, direct lenders in Ohio treat them the same as any other applicant. Due to the heavily regulated character of cash advances, the active-duty military may also try to apply for payday loans. The general loan requirements are currently in line with the stipulations in the Military Lending Act.

Ohio Terms and Rates for Payday Cash Advances

Ohio state regulations enforce a 28% cap on payday loans. It’s important to know your rights and check the loan agreement to make sure it complies with the state laws. When applying for a cash advance, you can verify if your lender has the mandatory Short-Term Loan Law License. Ohio residents have the benefit of repaying their payday cash advances within terms ranging from 91 days up to one year. Once you get approval on your loan request, the direct lender will deposit the funds into your checking account. To avoid forgetting about repayment, experts recommend allowing loan providers to withdraw the debt directly from your account.

APR Example and Fee Schedule for Payday Loans Ohio

The APR for an Ohio payday loan cannot be higher than 28%. Customers may pay as little as $1 for every $100 borrowed. Lenders can add an origination charge of 2% for loans of $500 or more. A maintenance fee may also be applied.

Loan principal Fee Amount to repay Term APR
$150 $7 $161 91 days 28%
$350 $7 $375 91 days 28%
$500 $7 $535 91 days 28%
$750 $7 $803 91 days 28%
$1,000 $7 $1,070 91 days 28%

Regulator: Complaints & Information

Should you encounter any irregularities with payday loans, feel free to contact the Ohio Division of Financial Institutions.

Address: 77 S High St, 21st Floor, Columbus, OH 43215

Phone: 614-728-8400

Fax: 614-728-0380

Payday Loans in Ohio for Unemployed People

People on SSI, unemployment, or disability benefits may also apply for payday loans. Single mothers, people on alimony enjoy the same privileges. While not having a job doesn’t guarantee anyone a loan, customers may have a chance to get approved. In some instances, the income will have to be over the minimum acceptable amount. Some lenders might only consider applications from people who receive at least $800 or $1,000 in benefits. That way, they can be sure you will be able to pay back your debt on time. It’s important for potential borrowers to receive their alternative income monthly or every two weeks. Without a recurring income, it’s not very likely to qualify for a payday loan. The reason is that direct lenders check every applicant’s debt-to-income ratio to determine their eligibility. If you spend more than you earn, getting a loan is dangerous.

Application rules and acceptable income details may vary from one lender to another. One lender may require a minimum income of $900; others will not consider anything below $1,000. For that reason, it’s worth applying to online companies that send your application to several lenders at once. Alternatively, you may want to apply with a different payday loan service if the previous one rejected your application.

Reasons to Choose Us

Getting a payday loan through us, you also get:

  • Fast loan decisions;
  • Data protection throughout the loan application process;
  • Direct contact with reputable lenders only;
  • No credit checks via the main credit bureaus;
  • Cash advances, even with bad credit;
  • Guaranteed approval for eligible applicants. We have a zero-tolerance policy for discrimination.


Ohio state regulations only allow for one loan at a time.

Both loan types follow almost the same procedure. For an in-store application, you will have to go to one of our stores, and you may have to bring along some documents. With an online loan, you can submit all document scans via your computer or smartphone. In either case, you may get the money on the same day, although it’s not a guarantee and depends on each case.

When you apply via our website, we ensure a secure connection. Communication goes through a secure server, and we do not share your information with any other third parties.

Direct lenders don’t typically perform hard credit checks through the three main credit bureaus. However, they may still run a soft check via alternative means. Regardless of your credit history, a bad credit score will not usually have a negative impact on your application.

According to Ohio state laws, an applicant may borrow up to $1,000 as a cash advance.

Getting a payday loan in one hour is possible, depending on how early in the day you submit your application, sign the contract, and how well everything else goes. To increase your chances, try to apply before 10:00 AM on business days.

While some rules may vary by lender, you will notice that having an active checking account is one of the requirements direct lenders have.

No lender can guarantee a cash advance without first looking through your loan application. If you qualify based on the main criteria, you will definitely get an offer from one of the trusted lenders in our network.

A payday loan cannot exceed one year in the state of Ohio. You can find the exact date for your case in your loan agreement. If you have issues finding the contract, contact your lender, and they will inform you.

Applying is straightforward. Find the application form on our website, fill out your information and submit it. In case of approval, your lender will contact you directly.

You will need a state-issued ID, social security number, your physical address, email, and phone number, proof of income, and a valid checking account in your name. Direct lenders may have additional requirements.

You don’t necessarily have to be employed to get a payday loan. Cash advances are available for retirees, too, as long as they have a regular source of income.

All States

A payday loan can be the quick fix you need to solve a current financial emergency. Whether you need extra cash to pay the bills or finance urgent repair works, applying for a cash advance online is quick and safe.

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