Affordable Loan Options in Ohio
Compare low-interest financing solutions with longer terms and better protections for Ohio residents.
Ohio Loan Options
If you're an Ohio resident looking for reliable financing solutions, taketheloan.com connects you with trusted lenders offering competitive rates and consumer-friendly terms. Our network includes lenders who specialize in serving Ohio borrowers with various credit backgrounds, all in compliance with the state's reformed lending laws.
Important: Ohio reformed its lending laws in 2018 with the Short-Term Loan Act, which sets a $1,000 maximum loan amount, requires minimum terms of 91 days, and caps interest at 28% annually for short-term loans. Our lending partners are fully licensed to operate in OH and comply with all state regulations.
Loan Types Available in Ohio
Personal Loans
Flexible funding for Ohio residents with rates based on creditworthiness. Perfect for consolidating debt, home improvements, or major purchases.
- Amounts from $1,000 to $50,000
- Fixed monthly payments
- Terms from 12 to 60 months
Short-Term Loans
Ohio's regulated alternative to traditional payday loans, offering more affordable rates and longer repayment periods.
- Amounts up to $1,000
- Minimum term of 91 days
- 28% maximum annual interest rate
Installment Loans
Larger loan amounts with longer repayment periods for Ohio residents, providing manageable monthly payments.
- Amounts from $1,000 to $10,000
- Scheduled repayment plans
- Build credit with on-time payments
Credit Union Options
Member-based lending options for Ohio residents that typically offer lower rates and more favorable terms than traditional lenders.
- Competitive interest rates
- Membership benefits and perks
- Personal service and financial guidance
Getting a Loan in Ohio
As a resident of Ohio, you have access to various loan options that can help you address your financial needs. Here's what you need to know about obtaining a loan in Ohio:
Ohio Loan Requirements
Valid ID and Ohio Residency
You must be an Ohio resident with a valid government-issued ID
Regular Income
Verifiable source of income from employment, benefits, or other sources
Active Bank Account
Checking account for receiving funds and making payments
Age Requirement
Must be at least 18 years old
Contact Information
Valid phone number and email address
Ohio Lending Regulations
Ohio has enacted comprehensive lending reforms to protect consumers from predatory lending practices. These regulations have significantly changed the landscape of short-term lending in the state:
Short-Term Loan Act Reforms
In 2018, Ohio implemented substantial reforms through the Short-Term Loan Act (House Bill 123), which transformed the state's approach to payday lending. These reforms put in place stronger consumer protections while still allowing access to credit.
Loan Amount and Term Limits
Under Ohio law, short-term loans are capped at $1,000 maximum. Additionally, loans must have a minimum term of 91 days, a significant change from the traditional two-week payday loan model. This longer term gives borrowers more time to repay without falling into a debt cycle.
Interest Rate and Fee Caps
Ohio law limits interest rates on short-term loans to 28% annually. Lenders can also charge a monthly maintenance fee of up to 10% of the loan amount (capped at $30) and a loan origination fee of 2% for loans up to $500, or 2% plus $20 for loans over $500.
Additional Borrower Protections
The law includes several additional protections: loan costs (including fees) cannot exceed 60% of the original principal; borrowers can cancel loans without penalty within 3 business days; lenders must provide clear disclosures of all loan terms; and lenders cannot offer more than one loan at a time to a borrower.
Apply for a Loan in Ohio
Ready to explore your loan options in Ohio? Our simple online application connects you with multiple lenders who serve Ohio residents and comply with the state's consumer protection laws, allowing you to compare offers and choose the best loan for your needs.
Frequently Asked Questions about Ohio Loans
Common questions about obtaining loans in Ohio
Major Cities Served in Ohio
Our lending network serves residents throughout Ohio, including these cities:
Need a Better Lending Solution in Ohio?
Apply now to connect with trusted Ohio lenders offering consumer-friendly terms and competitive rates.