Toronto at a glance
- Population: a Census-estimated 5,190, placing it 252nd among Ohio's 924 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 5,306 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: population fell about 2.2% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Ohio places: 252nd of the state's 924 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 73% of Ohio's Census places by population (US Census Bureau).
- Coordinates: 40.4579 latitude, -80.6096 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Weirton, WV (4 mi); Steubenville, OH (7 mi); East Liverpool, OH (12 mi); Aliquippa, PA (22 mi); Ambridge, PA (22 mi) (Census populations, approximate straight-line distance).
- Nearest smaller communities: Empire, OH (4 mi); New Cumberland, WV (5 mi); Stratton, OH (5 mi), each a US Census place.
What a personal loan costs in Toronto
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Ohio lending rules that apply in Toronto
The Ohio rate caps and licensing rules that reach Toronto are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Toronto
The steps below are worth completing first when you borrow in Toronto:
- 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.