The state of Ohio has imposed a $500 cap on the payday loan industry and currently doesn’t allow much in the way of additional repayment plans. This means you will need to make sure you don’t borrow more than you can pay back on your next payday or the date you and the lender agree upon or you may face additional fines and late payment penalties.
The maximum amount you can expect to pay in fees is 28% of the total loan amount at most. This means companies can loan you $100 and the most you’ll pay back (if you pay it on time) will be $128. Many companies offer much lower rates than this to stay competitive and try to get your business so if you shop around, you may find lots of specials, especially for first time borrowers.
Ohio Pay Day Loan Laws
Maximum Loan Amount: $500.
Maximum Fees: 28% of the loan
Annual Percentage Rate: 500% on a 14-day, $100. loan
Minimum Payoff Time: 31 days
Maximum Payoff Time: 60 days
Extensions Allowed: Extensions are not allowed on Ohio pay day loans
Top 5 Ohio Pay Day Loan Companies
Community Choice Financial, Inc.
7001 Post Road, Suite 200
Dublin, OH 43016
www.checksmartstores.com
Check Smart currently has stores in fourteen states, including Ohio. This company has won a number of business awards during the last decade. They offer a variety of other financial services in addition to pay day cash advance loans. Ohio residents can apply for loans in person at one of Check Smart’s stores and can also visit their website for more information about how payday loans work and what they can expect from them.
3329 East Broad Street
Columbus, OH
(614) 235-8176
firstamericancashadvance.com
First American Loans is part of the First American Cash Advance network that has stores across the midwest. This company puts an emphasis on being a family friendly establishment that works as an alternative to traditional banks and lenders. It’s fairly easy to qualify for a loan with this company as long as your checking account has been in good standing for a few months and you haven’t changed employers recently.
4633 Morse Centre Road
Columbus, OH
(614) 785-0930
nationalcashadvance.com
National Cash Advance currently operates in four states including Ohio and also has branches in Canada and the United Kingdom. This company only deals in loans over $200 and you can print out an application online to get a head start on the loan process. You will have to visit the office in person to get approved for a loan and get your cash.
2117 Eakin Road
Columbus, OH
(614) 272-0317
checkintocash.com
Check Into Cash is a well known payday loan company with locations everywhere. The abundance of physical offices makes this a popular choice for quick and easy loans. Once you’re in their system you can use their services from any location nationwide. In the state of Ohio you can get short-term loans of up to $500 and can have up to 60 days to pay it back.
127 East Main Street
West Jefferson, OH
(614) 879-8004
americasloanco.com
Americas Loan Company provides a wide range of traditional lending alternatives. You can get payday loans, title loans, installment loans and even vehicle financing. This array of choices allows borrowers to select the services that are right for their immediate needs. The payday loans are only offered in amounts up to $500 but the other types of loan offer a bit more flexibility.
Hi,
I was wondering if you knew about the length of time a payday loan’s collection agency can try and collect.
I read somewhere before that it’s 5 years?
I took out a loan in 2007. I lived in Pennsylvania at the time. I thought I paid it back & settled with the actual company.
Now, I live in Ohio & have been getting phone calls from Peachtree Law Center about this loan that I took out.
It is 5 years later.
I also googled their name & they have a very bad reputation of scaring consumers. They told me that my “file” was going to an attorney & court fees could be 5000% of my balance.
I ended the conversation with that I have paid this back.
They call very periodically.
Is this legal?
What can I do?
Any help would be appreciated.