There could be a cash loan alternative in Ohio before an excessive amount of much longer. A minumum of one Ohio senator is in benefit of a plan that is new would let qualified taxpayers money in their Earned Income Tax Credit early. This could be just like an advance loan with zero-percent interest and simply no fees. Until this concept causes it to be through state legislation, though, payday loans will still be a go-to cash solution for individuals looking for quick money. Before you borrow hardly any money, remain as much as date on the latest cash loan regulations for Ohio.

Current Cash Loan State Statutes for Ohio

As with any states, Ohio features its own unique guidelines and laws for payday loans. In Ohio, you can’t simply just just take a cash advance out for longer than $500. The yearly interest rate is capped at 28-percent. Therefore, as an example, your finance cost for the 14-day loan of $100 would be only $1.08.

You aren’t permitted to do have more than one cash loan at the same time in Ohio, and you’re limited by four each year, with a two-loan limitation in a period that is 90-day. Continue reading →