Ohio’s New Payday Loan Law Is Here
In 1995 the Ohio legislature approved the Pay Day Loan Act, which required state licensing and exempted payday lenders from the state’s usury laws. But by 2008, due to consumer complaints, Ohio lawmakers passed bipartisan legislation to curb payday loan rates and cap them. The legislation came up for a referendum and nearly 64% of voters decided to approve the new limits.
However, there were flaws in the legislation, so lawmakers went back and wrote the new legislation which is now a law. The effect is that most of the 600+ storefronts in Ohio are expected to close or quit offering payday loans.
What Does the New Payday Loan Reform State?
The new law prohibits auto-title loans, limits loans to no more than $1,000, and loan terms cannot exceed 12 months. The new law also restricts interest and fees to no more than 60% of the loan principal. Also, borrowers will now get 3 business days to change their minds about the loans, and if they wish to return the money, they can do so without paying any fees.
We Meet the Law to Help the Consumers
Consumers can use trusted sources like CashOne for payday loans in Ohio. With more than 100 lenders to refer loan requests to, CashOne can better serve those in need of emergency cash while meeting the new guidelines required by the new law.
Many Ohioans suffer from emergency expenses like medical costs, auto repairs, and other situations and need a quick resource for small amounts of cash. Instead of trying to find a storefront that is still operating, they can simply go online from their smartphone and request a loan in 1-3 minutes and get an immediate answer.
Must Read: Small Cash Loans During Financial Emergency
It’s good to see that states like Ohio are adjusting their laws to better protect consumers, but are still allowing a trusted resource for emergency cash needs.
So if you are facing a financial emergency and require cash, request your Ohio payday loan today! Get referred to over 100 lenders, CLICK HERE.
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