Octa at a glance
- Population: 58 residents, the 921st-largest of 924 places in Ohio (US Census Bureau, Vintage 2023).
- 2020 Census base: 57 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: about 1.8% more residents than the 2020 Census base (US Census Bureau).
- Rank among Ohio places: the 921st-largest of 924 (US Census Bureau, 2023 estimate).
- Size percentile: roughly 0% of Ohio's places have fewer residents (US Census Bureau).
- Coordinates: it sits at 39.6134, -83.6106 in the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Milledgeville, OH (2 mi); Jeffersonville, OH (4 mi); Bowersville, OH (6 mi); Jamestown, OH (8 mi); South Solon, OH (9 mi) (US Census Bureau populations).
- Smaller places close by: Concord, KY (64 mi); Elgin, OH (90 mi); River Forest, IN (117 mi) (US Census Bureau).
What a personal loan costs in Octa
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Ohio lending rules that apply in Octa
The Ohio rate caps and licensing rules that reach Octa are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Ohio Department of Commerce, Division of Financial Institutions (Consumer Finance Section). Source says: "The Consumer Finance Section is responsible for regulating non-depository consumer lenders and related consumer finance businesses." | Ohio Department of Commerce - Division of Financial Institutions as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 8% per annum maximum by written agreement for the general case; higher rates permitted only in specified cases (e.g., principal over $100,000, business loans, certain mortgages). Source says: "may stipulate therein for the payment of interest upon the amount thereof at any rate not exceeding eight per cent per annum payable annually" (Ohio Rev. Code 1343.01(A)). [codes.ohio.gov content retrieved via search-engine fetch of the official section; direct connections blocked from our network] | Ohio Laws (Ohio Revised Code - official state publication) as of 2026-09-16 |
| Payday lending status | Legal for licensed short-term lenders; interest capped at 28% per annum; total fees and charges capped at 60% of the originally contracted loan amount. Source says: "(A) Interest not exceeding a rate of twenty-eight per cent per annum" (Ohio Rev. Code 1321.40); total fees/charges capped at "a total amount of fees and charges that exceeds sixty per cent of the originally contracted loan amount" (1321.403). | Ohio Laws (Ohio Revised Code - official state publication) as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer finance licenses required for non-depository lenders, including Consumer Installment Loan Act lenders, General Loan Law lenders, short-term lenders, and small loan lenders. Source says: "We issue and manage licenses for companies and individuals under multiple Ohio statutes." (page's regulated-statutes list names Consumer Installment Loan Act lenders, General Loan Law lenders, Short-term lenders, Small loan lenders). | Ohio Department of Commerce - Division of Financial Institutions as of 2026-09-16 |
How to compare offers in Octa
A few practical steps will make the process in Octa less costly:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Ohio using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.