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Submission of Application for Payday Loans


Rates and Fees

According to state law in Ohio, payday loans are legal. Max loan limit is Ohio is $1,000. Payday loans can be issued for the term from 91 to 1 year with the maximum interest rate of 28% (APR). One payday loan at a time is allowed. No rollovers are allowed.

Rates, Fees and Other Charges in Ohio

  • Ohio does not allow APR in excess of 28%.
  • Now, the loan cost (including the fees and interest) can’t be over 60% of the loan’s original principal.
  • Lenders can withdraw a monthly maintenance fee that’s the lesser of 10% of the loan’s principal or $30.
  • 2% loan origination charge is allowed for a loan of $500 and more; no interest is charged on the loan origination charge.
  • An ability-to-repay (ATR) requirement must be complied with by a lender in case of loans under 90 days. In such cases, a monthly payment should not exceed 7$ of a borrower’s monthly net income or 6$ of gross income, whichever is greater.