Payday loan laws in Ohio
Status: Legal (Ohio Rev. Code Ann. 1321.35 et seq.)
For Lenders
Lending specifications:
- Maximum loan amount: $1000
- 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/
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File complaint: http://www.com.ohio.gov/fiin/docs\fiin_
NonDepositoryComplaintForm.pdf
Note: W.E.F from April 27, 2019, the new Ohio state law limits payday loans to $1000 and 12 months. They have also capped interest and fees to 60% of the principal.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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