Ohio lending rules
Personalloaner covers 924 Census places in Ohio, which together hold an estimated 7,639,470 people. Licensed lenders set personal-loan terms here under Ohio law, and the sourced rules below reach every borrower in the state.
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 |
Places we cover in Ohio
The Census Bureau counts 924 places in Ohio, and the largest are linked below.
Common questions
How high can interest rates legally go in Ohio?
The answer turns on the product and on which statute applies to it. This page's table sets out Ohio's usury cap and licensing rules, and each row carries its publisher and a link to the primary source.
What is Ohio's position on payday lending?
Each state handles payday lending on its own: some permit it, some cap it, some prohibit it. The sourced row on this page gives Ohio's current position.
How do I know a lender is licensed in Ohio?
Consumer lenders generally need a licence issued by the state regulator identified on this page. Verify that licence with the regulator before you commit to anything.