South Amherst at a glance
- Population: about 1,560 residents, ranking 440th of 924 Census places in Ohio (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 1,575 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: population fell about 1.0% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Ohio places: 440th by size among 924 communities (US Census Bureau).
- Size percentile: ahead of around 52% of Ohio places in population terms (US Census Bureau).
- Coordinates: 41.3462 / -82.2353, per the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Amherst, OH (4 mi); Oberlin, OH (4 mi); Vermilion, OH (6 mi); Elyria, OH (7 mi); Lorain, OH (7 mi) (US Census Bureau).
- Nearest smaller towns: Kipton, OH (7 mi); Wakeman, OH (11 mi); Berlin Heights, OH (13 mi) — US Census Bureau populations.
What a personal loan costs in South Amherst
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Ohio lending rules that apply in South Amherst
The sourced rows below are the rules a licensed lender must follow when lending in Ohio, and therefore in South Amherst.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in South Amherst
Here is a short checklist for comparing personal loans in South Amherst:
- 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.