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Are You Looking for a Payday Loan in Ohio?

CashinaMoment would love to help you. Payday loans provide fast funding when you need cash quickly for any emergency. A payday loan could be your best option if you do not have any alternatives, such as borrowing money from family or friends.

CashinaMoment works with direct lenders to offer payday loans throughout Ohio. We understand the difficulties when facing a crisis in your personal finances, and CashinaMoment is here to help. We are a referral source, not a direct lender.

Is a Payday Loan in Ohio Right for Me?

A payday loan may be the right choice if you’re struggling with a temporary cash shortfall. If you are finding it hard to cover your expenses until your next paycheck, an online payday loan can help you get back on your feet. We all come across unforeseen costs from time to time, such as auto repairs, hospital bills, etc.

In times like these, a payday loan may be a good way to get cash quickly. A payday loan would not be right for you if you are looking to pay off an already outstanding loan. It is also not designed to be spent on unnecessary shopping. Requesting a payday loan will not have an impact on your credit score.

Do I Need to Have a Good Credit Score?

Typically, online payday loan direct lenders in Ohio do not consider your hard credit scores. Instead, they focus on your ability to repay the loan on time. This means your current income is a major factor in loan approval.

If Approved, When Will I Get the Money?

CashinaMoment gives you a chance to get money fast through Ohio online loans! Once you apply and get approval, the cash is deposited in one business day directly to your bank account.

Ohio Payday Loans are legal in Ohio.

Ohio Payday Loan Terms

Maximum Payday Loan Amount: $1,000
Payday Loan Term: Minimum of 91 days to one year in length.
Maximum Finance Rate in Ohio: 28% annual interest maximum (same or less than most credit cards)
Finance/Fee Charges for Payday Loan in Ohio: Lenders can charge a monthly maintenance fee that’s the lesser of 10% of the loan’s principal or $30.
A 2% loan origination charge is allowed for a loan of $500 and more; no interest is charged on the loan origination charge.
Maximum Number of Outstanding Loans at One Time: 1, but 4 are allowed during the year.
Rollovers Permitted: None
Cooling-off Period: 2 loan limit in 90 days
Repayment Plan: Yes, 60 days
Ohio Payday Loan Collection fees: $20 collection charge, bank charges (if disclosed); Court Costs after a loan default.
Criminal Action: Prohibited

Payday loans fall under the Ohio Revised Code Ann. 1321.35 et seq. In Ohio, the average payday borrower earns around $30,000 per year and needs payday loans to meet recurrent expenditures such as rent, mortgage payments, food, and utilities. The Ohio Short-Term Loan Act restricted the maximum loan amount to $500, the annual percentage rate at 28%, and gave borrowers at least 31 days to pay off their loans.

Common Loan Request Criteria for Ohio Payday Loans

Applying for a payday loan is a straightforward process. To qualify, you’ll

  • Must be at least 18 years of age
  • A citizen or permanent resident of the US
  • Need a regular source of income
  • Must have a phone number and email address
  • Must have a checking account

If you’re applying online, you’ll likely need to provide your checking account number as well. This allows the lender to deposit the approved funds into your bank account and debit payments when they’re due.

Some Financial Terms Explained

  • Amount Financed

    This is the loan amount.

    Example: Jane Smith is approved for a $300 loan. This $300 is the amount financed.

  • Due Date

    Your due date is the date on which you must repay your loan. You may repay early with no penalty.

  • Loan Fee/Finance Charge

    These terms refer to the dollar amount your loan will cost you, in addition to the amount financed.

  • Total of Payments

    This is the sum of the amount financed and the finance charge. It is the total amount you must repay.

  • APR

    APR (annual percentage rate) is a measure of the cost of credit, expressed as an annual rate.

FAQs: Ohio Payday Loans

The loan is paid back through the chosen payment option on the due date. If you cannot add funds to the account in time, contact your lender to avoid additional fees and/or penalties.

Yes, you may.

Yes, you can.

CashinaMoment lenders offer payday loans in Ohio for up to $1,000. If approved, the amount you may borrow will depend upon your income and underwriting criteria.

If approved, you will get your loan in one business day.

CashinaMoment makes it easy for you to request a loan, and the process only takes a few minutes. CashinaMoment is an online engine helping you scour the payday loan market. Once you inquire, CashinaMoment instantly has more than 100 direct lending companies review your request. You get an answer in 90 seconds or less.

No driving around, no long delays, easy and fast way to request a loan, and have a good chance of approval (about 80% of requests approved).