Ohio Short-Term Loans: How They Work
Need emergency cash in Ohio? The state's regulated "short-term loans" (their official name in Ohio Revised Code §§1321.35-48) allow you to borrow up to $1,000 with no collateral required.
Repayment for a payday loan is made in equal installments that are scheduled around your paydays and automatically withdrawn from the same account. Ohio rules give you more than one paycheck to repay, so the loan is easier to handle than the old single-payment payday model. Ohio protects borrowers with strict rate caps and a mandatory statewide database that tracks all loans, ensuring lenders can't exceed legal lending limits.
Typical Terms and Legal Caps
|
Feature |
Ohio Legal Limit |
|
Loan amount |
$100 – $1,000 |
|
Loan length |
91–365 days* *Shorter terms allowed when each payment is ≤ 6 % of gross or 7 % of net monthly income |
|
Interest rate |
28 % simple APR |
|
Origination fee |
Lesser of 10 % of principal or $30 (one-time) |
|
Monthly maintenance fee |
Lesser of 10 % of the original principal or $30 (only on loans longer than 90 days) |
|
Total cost cap |
All fees + interest may not exceed 60 % of the original principal |
|
Outstanding balance limit |
You may not owe more than $1,000 in short-term loans statewide at any time |
Cost Example: Borrow $800 for four months. Interest costs 28% × $800 × (4 / 12) = $74.67. The origination fee adds $30 (maximum allowed), while monthly maintenance fees total $30 per month × 4 = $120. This creates a total finance charge of $224.67. Your four equal payments would be about $256 each ($800 principal + $224.67 fees ÷ 4).
Eligibility Checklist
You can qualify even with fair or limited credit because lenders focus on income over credit scores. You must:
- Be at least 18 years old and a U.S. resident
- Have an active checking account
- Provide a verifiable monthly take-home income (most lenders require ≥ $800)
- Show a valid Social Security number and government-issued photo ID
How 24CashFast Streamlines Your Search
24CashFast doesn't lend money directly. Instead, we take your one simple application and share it with many licensed Ohio lenders at the same time. Because multiple lenders review the same application at once, you:
- Save time—no need to visit or apply on several separate sites
- Boost approval odds—more lenders means more possible “yes” decisions
- Can compare real offers side-by-side before you accept
Online Application Steps
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Complete the short form with your contact information, income details, and bank account.
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Review preliminary offers; each lender may run a soft credit pull that does not affect your score.
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Choose the offer you like, sign the e-loan agreement, and the lender transfers funds—often by the next business day.
Important: Read every agreement before signing. Make sure the repayment schedule fits your budget. Late or missed payments can trigger additional fees and collection costs.
FAQ's
Yes, you can still get payday loans in Ohio, though loan limits are capped at $1,000 with an APR of 28%. Loan terms with most lenders are between 7 days and 3 months.
Online payday loans are widely available across Ohio, including in major cities such as Columbus, Cleveland, Cincinnati, Toledo, Akron, Dayton, Parma, Canton, Youngstown, and Lorain. However, it's important to note that online payday loans are not limited by geographical location. As long as you're a resident of Ohio, you can apply for an online payday loan from anywhere in the state.
Yes, payday loans in Ohio are available for individuals with bad credit. Many lenders focus more on income and repayment ability than credit history.