F.A.Q. – paydayloansohio.org

F.A.Q.

The maximum number of payday loans you can have in Ohio is 6. This limit applies to the total amount of outstanding principal balances on all payday loans you have with all lenders, regardless of whether the loans are from the same lender or from different lenders.

For example, if you have a $500 payday loan from one lender and a $500 payday loan from another lender, you would have a total of $1000 in outstanding principal balances and would be over the limit. You would not be able to take out another payday loan until you had paid down one of your existing loans to below $500.

There are a few exceptions to the 6-loan limit. For example, you can have more than 6 loans if:

The loans are from a credit union or a bank that is regulated by the federal government. The loans are for less than $500. The loans have a repayment term of less than 31 days. If you are considering taking out a payday loan, it is important to be aware of the 6-loan limit and other restrictions. Payday loans can be expensive and can lead to debt problems if you are not able to repay them on time.

Here are some other things to keep in mind about payday loans in Ohio:

The maximum interest rate on a payday loan is 28% APR. The loan term cannot be less than 31 days. The borrower must sign a declaration that they do not have more than $2,500 in outstanding payday loan principal balances.