Payday loan laws in Ohio

  • Status: Legal (Ohio Rev. Code Ann. 1321.35 et seq.)
For Lenders

Lending specifications:

  • Maximum loan amount: $500
  • Loan tenure: Maximum 31 days
  • Fees and finance charges: An annual interest rate of 28%
  • Finance charge on a 14-day $100 loan: $1.08
  • APR on 14-day $100 loan: 28%

Collection restrictions:

  • Collection fees: $20 collection charge; bank charges (if disclosed); court costs after default
  • Criminal procedures: Prohibited
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: Four in a year
  • Rollovers allowed: None
  • Cooling-off phase: 2 in 90 days
  • Repayment plan: Available (of 60 days)

Complaint cell:

  • Regulator: Division of Financial Institutions, Department of Commerce
  • Address: 77 South High Street, 21st Floor, Columbus; OH 43215-6120
  • Phone: (614) 728-8400
  • Fax: (614) 728-0380
  • Tollfree: 1-866-278-0003
  • Regulatory contact: Robert M. Grieser, Deputy Superintendent
  • Website: http://www.nd.gov/dfi/
  • File complaint: http://www.com.ohio.gov/fiin/docs\fiin_
    NonDepositoryComplaintForm.pdf



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  • The debt settlement program typically lasts between 6 months to 4 years time.
  • At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
  • Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
  • Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
  • That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
  • Savings a customer realizes from use of a debt-relief service may be taxable income.
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