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Ohio State Payday Loan Laws Are You Aware Of The Traps?
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Ohio State Payday Loan Laws Are You Aware Of the Traps?

Ohio payday loan laws, are you aware of the traps? This state has many areas to look out for. If you use these services, there are a few things you will want to be aware of.

Trap number one:

This state allows payday loans up to 6 months and does not have a cap on how many loans you may take out at one time., The length is really too long for the very high interest rates that these companies charge. For example, a $100.00 loan for 14 days has an APR of 390% You can find yourself in some serious trouble with payday loan debt.

Trap number two:

Ohio does not have any limits on how many times you can roll over your payday loan. This can lead to way too many roll overs, and all the charges that go with rolling the loan over add up very quickly. You can find yourself easily getting to the point where your payments will exceed your income. Which leads to the next trap.

Trap number three:

Ohio does not limit you to one payday loan at a time, which can lead to total disaster for the borrower. People can easily get caught in the trap of having to take out more than one loan to cover previous loans and the usual outcome of this behavior is ending up in default on multiple loans. This leads to harassing calls, threats of legal action, and all around misery for the borrower.

Trap number four:

Ohio payday loan companies are allowed to charge 5% of the total loan amount per month plus plus a $5 fee; plus $3.75 fee for every $50 above $500.00 This can lead to huge interest rates on a 6 month loan. The only way to use these companies is to take out as small an amount as possible and pay the total amount of the loan off on the first due date. Anything else leads to throwing good money away and can get you caught in the payday loan trap.

If you have found yourself in trouble with these companies and need help you can always contact a payday loan debt consolidation company. These companies can get you back on track and stop all the collection activity and phone calls.

I hope this information on Ohio payday loan laws helps you stay out of the traps that seem to go along with these kinds of loans.

Please feel free to share this article and leave any questions and comments below!


Street Talk

Yikes! Sure do seem to be traps set for people. Important article.

Reply
  about 6 years ago

It is almost criminal!

Reply
  about 6 years ago

Seems criminal!

  
  about 6 years ago

Great article Shawn, since i live in Ohio it is good to know the payday laws. My wife got mixed up in payday loans years ago and they are still calling here harrasing her

Reply
  about 6 years ago

They never give up do they! Tell we can help get rid of them :) Thanks for reading!

Reply
  about 6 years ago
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