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Payday Loans in Ohio

Financial issues can appear out of nowhere and affect you at any time. However, knowing that there is always a loophole might make you feel more at ease. You can try to solve the problem on your own or rely on experts. Through, you may discover certified lenders and obtain up to $2500 in payday loans to help get you through.

Payday loans, also referred to as app-based cash advances, allow you to borrow against your next paycheck to meet your financial needs today. Thus, if you are cash-trapped and look for extra money, payday loans online with fast approvals are always worth examining. 

Advantages of Payday Loans in Ohio 

No-Risk of Losing Collateral


Payday loans are also well-known as small unsecured loans aimed to cover daily expenses over the course of weeks. The term “unsecured” means that you don't have to back up your loan with valuable assets such as a home or car. If you default on your loan or fall behind on your payment, your property remains secure and cannot be seized by your lender. Plus, you avoid paying extra money for additional services, such as collateral evaluation or insurance. Having a quick financial fix without possessing the risk of losing your backed collateral is one of the key advantages of payday loans in Ohio. 

Soft Eligibility Requirements 

Being ready to fulfill harsh requirements to qualify for a traditional loan is quite a common thing. Despite having a perfect credit history, you have to prove your ability to pay off your debt. Nevertheless, payday lenders assign minimal demands to determine whether you are eligible to borrow fast cash against your next paycheck. Commonly you are required to be at least 18 years of age, have a valid ID number, an active bank account, and a stable source of income. 

No Credit Check 

Lenders use your credit records to determine the risk that they might take on by lending you money. The lower your credit score is, the more likely you are to be rejected for your application. This is the main sense of traditional finance, as most lenders judge the future based on your past. On the other hand, payday lenders offer credit check-free processing, which means you may be approved for a cash loan regardless of your credit score. 

To pick up a payday loan, you no longer need to worry about your poor credit, of course, as soon as you meet the minimum requirements. 


Quick and Easy Access

One of the primary advantages of payday loans is that they are pretty simple to obtain. Unlike other forms of loans, you do not have to wait long to obtain the loan. You'd be surprised to learn that in many situations, you can have the cash in your hands within a single day.

Traditional loans need you to fill out extensive paperwork, which will undoubtedly take a long time to complete, but a payday loan involves very little of your time. Filling out the loan application form online just takes a few minutes.


As a result of changes CFPB has made, from July 2020 the lenders don't have to check if the borrower is able to repay the loan. Thus, we encourage you to be careful and make sure you can afford the loan before applying.

Regulations of Payday Loans in Ohio
Status     Legal
Annual Percentage Rate (APR)     28%
Minimum Loan Amount     N/A
Maximum Loan Amount     $1,000
Minimum Loan Term     91 days
Maximum Loan Term     1 year
Number of Rollovers Allowed     N/A
Finance Charges     28%
Cooling-off Period     N/A

Useful Sources

Real interest rate map /PDF/ of payday loans in the United States calculated on a typical loan.

Payday loans regulation /PDF/ by state 2020.

For a long time, Ohio used to be one of the most expensive states to take a payday loan. The reason lay in the nature of Ohio payday loan regulations and the fact that payday lenders could register as mortgage lenders (they were allowed to do so according to ​ Ohio’s Mortgage Lending Act (MLA), and by doing so they could get around the law. Thus, they were not obliged to follow any strict payday loan regulations and could charge whatever interest they wanted.
The Consumer Financial Protection Bureau (CFPB) makes the financial marketplace work more effectively and educates consumers to help them take more control over their financial lives. Click here to learn more.
Interest calculated in compliance with 15 U.S.C. §1606, and not exceeding an annual percentage rate greater than 28 percent.” (Ohio Rev. Code Ann. 1321.35 et seq.)

[ Updated on 23-Aug-2021, 00:52 ]

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