OH state reference
Ohio lending rules
Ohio has 924 Census places covered on Personalloaned, with a combined estimated population of 7,639,470. Personal-loan terms in Ohio are set by licensed lenders under state law; the sourced rules below apply to every borrower in the state.
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- 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).
- Payday lending 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.
- State regulator Ohio Department of Commerce, Division of Financial Institutions (Consumer Finance Section).
Sourced rules
Key rules for borrowers in Ohio
| 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 |
Cities in Ohio
We cover 924 Census places in Ohio. The count and the combined population figures are summed from the US Census Bureau's Vintage 2023 subcounty population estimates (retrieved 2026-09-17).
Common questions
Frequently asked questions
What interest rate can a lender charge in Ohio?
It depends on the product and the statute that governs it. The sourced table on this page lists Ohio's usury cap and the licensing rules, each with its publisher and a link to the primary source.
Are payday loans legal in Ohio?
Payday lending is regulated state by state; some states permit it, some cap it, and some prohibit it outright. See the sourced figure on this page for the current position.
Do I need a license to lend money in Ohio?
Most consumer lenders must be licensed by the state regulator named on this page. You can verify a lender's license with that regulator before you sign anything.