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Payday Loan Laws In Ohio
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Payday Loan Laws In Ohio

The economic recession has hit the state of Ohio and the rest of the rust belt very hard. Payday loan laws in Ohio must be up-to-date with the way that citizens in the state are feeling or else people will find it hard to live. Many of the people in the state have taken out payday loans because of the poor state of the manufacturing economy. For many of these people there is scant information on the internet about they payday loan laws so we have written this article to change that. Hopefully you will find it both informative and useful when trying to borrow money from payday loan lenders.

Payday Loan Laws in Ohio and Lenders

Like many of the other states in the country, the state of Ohio restricts the number of online lenders that are allowed to operate in the state. All of them must be first licensed by the state, but only a few are allowed to enter the online market. This ensures a level of protection for the people who live in the great state of Ohio. The two online companies that are allowed to operate in Ohio are “ChecknGo” and “PayDayOne”. Both have a pretty good reputation in the state for the work that they do, but it is up to you which type of lender you are going to decide. For many of the lenders that are online and in storefronts, the APR on a 14-day $100 loan is about 390%. For people who are really in need of money, this may not be an issue, but it is something to think about beforehand.

Payments and Payday Loan Laws in Ohio

The payments given out by Ohio payday lenders is usually $800, but some claim that it is actually $500. The state changes the law so often that it is sometimes difficult to determine what the minimum and maximum lending amount is for each.

The payday loan laws in Ohio when it comes to fees and finance charges are also quite difficult to tackle as well. Whatever the balance is due, debtors are charged a 5% fee plus an additional $5 for good measure. However, for those clients who are quite far behind their payments, debtors can charge up to $3.75 for each $50 owed about the $500 threshold. Whether or not you believe this is fair or not, it is a good idea to learn this beforehand to protect yourself. Knowing these laws before hand and using sound judgement can keep you out of the payday loan trap.

Street Talk

How do I get 390 percent??

  about 1 decade ago

Trust me unless you are a lender its too much interest and some even go as high at 1000%

  about 1 decade ago

I am still stunned that this is out there. It blows my mind what people will do in the heat of the moment. 390%?? My mind cant even fathom that.

  about 1 decade ago

People do desperate things in desperate situations when there is no where to turn.

  about 1 decade ago

Another good article David, 390% that is ridiculous.

  about 1 decade ago

Thats actually on the low end Mark. Pretty crazy isnt it?

  about 1 decade ago

Nice article, thanks for sharing.

  about 1 decade ago

Hey Alfred! Good to see you and thank you very much.

  about 1 decade ago
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