Best Payday Loan Lenders in Ohio

Much has changed since payday loans first got legally introduced in Ohio. The year was 1995, and after some serious industry lobbying, payday loans became legal in the Buckeye state. The journey to the payday loans Ohio has today was arduous, interlaced with legal loopholes and dubious legislative oversights. Without further ado, we present to you the outcome of a hard-fought and costly uphill battle for equality and affordability of bad credit loans in Ohio.

Best Payday Loans Providers in Ohio

Advance America

Advance America

Money today, momentum tomorrow.

One of the industry pioneers, Advance America has been in business since 1997. With over 1,400 physical stores across the continent and millions of clients served, Advance America offers some of the top payday loans on the market. They run a full-disclosure, no-nonsense kind of business where the customer always comes first.

Available in: AL, CA, CO, DE, FL, ID, IL, IN, IA, KS, KY, LA, MI, MS, MO, NE, NV, OH, OK, RI, SC, TN, TX, UT, VA, WA, WI, WY

Loan amount: Up to $1,000 (some states have a lower cap)

Loan term: 2-4 weeks

APR: Depends on the loan term (231-495%)

Min. credit score: N/A

Approval time: Almost instant

Funds available in: Same or next business day

Online application: Yes

Check'n Go Logo

Check ‘n Go

Real solutions for real people

Check ’n go opened its doors to customers in 1994. Their first storefront was in Kentucky, and they’ve since expanded their business to over 20 states. This company offers quick payday loans, with interest rates that fall well within the industry average. With 26 years of experience and 1,000 stores across the US, you can’t go wrong with Check ‘n Go.

Available in: AL, CA, DE, FL, HI, ID, IL, IN, IA, KS, KY, ME, MI, MS, MO, NE, NV, ND, OH, OK, RI, SC, TN, TX, UT, WI, WY

Loan amount: $50-$1,500 (some states might have a lower cap)

Loan term: 10-35 days

APR: Depends on the loan term (214.68-661.80%)

Min. credit score: N/A

Approval time: Almost instant

Funds available in: Same or next business day

Online application: Yes

ACE Cash Express Logo

ACE Cash Express

Empowering your financial success since 1968

ACE Cash Express was established in 1968 making them a household name in their niche. This company offers reliable online payday loans as well as in-store loans. Speaking of which, they run over 920 stores in 13 states. School of Ace is an interesting feature on their website that aims to help you manage your finances better.

Available in: CA, FL, ID, IN, KS, LA, MN, MO, OR, SC, TN, TX, VA

Loan amount: $50-$1,500 (some states might have a lower cap)

Loan term: 9-35 days

APR: Depends on the loan term (231-661%)

Min. credit score: N/A

Approval time: Almost instant

Funds available in: Same or next business day

Online application: Yes

Possible Finance Logo

Possible Finance

Financial Fairness is Possible

Possible Finance is a newcomer to the lending scene. The company is on a mission to bring fairness and balance to this industry. It offers excellent customer service along with affordable fees. Possible Finance has lent over $400 million to customers in need, helping those with poor credit achieve an average boost of 70 points within four months. It is more lenient than most other lenders in the country, offering a 29-day grace period and many other customer-orientated benefits.

Loan amount range: Up to $500

Loan term: 2+ months

APR: ~150%

Min. credit score: N/A

Approval time: Almost instant

Funds available in: Up to 2 business days

Number of Ohio stores: Online only

Online application: Yes

24/7 open: No

Fig Loans Logo

Fig Loans

Make a smart financial decision today!

Fig Loans was founded in 2015 in Texas, and they brought a breath of fresh air to this relatively stale industry. All of their services can be easily obtained through a straightforward application process. Fig Loans is an obvious choice for online payday loans in the US.

Loan amount range: $50 to $400

Loan term: 13 to 180 days

APR: 36%

Min. credit score: N/A

Fees: None

Approval time: Almost instant

Funds available in: Same or next business day

Number of Illinois stores: Online only

Online application: Yes

24/7 open: Yes

Speedy Cash Logo

Speedy Cash

Reset. Refocus. Restart.

Speedy Cash (or Rapid Cash in Nevada, Oregon, and Washington) is another reputable payday loans provider. They opened their first store in California back in 1997, and have been expanding ever since. Today, the company operates around 200 stores in 14 states. Speedy Cash is a member of the Online Lenders Alliance, ensuring fair treatment and adherence to a code of conduct.

Available in: AL, AK, CA, HI, LA, NV, ND, OR, TX, WA, WI, WY

Loan amount: $100-$500 (some states might have a lower cap)

Loan term: 14-30 days

APR: Depends on the loan term (214-460%)

Min. credit score: N/A

Approval time: Almost instant

Funds available in: Same or next business day

Online application: Yes

Ohio Payday Loans Laws

Payday loans were illegal in Ohio until 1995, and since their initial introduction, things have changed drastically. Even though they were advertised as problem-solving, in reality, payday loans brought distress and despair to Ohioans. Springfield (Ohio) was unenviably dubbed the “unhappiest city in the “US” in 2012 by two Canadian newspapers. Historically speaking, this state had one of the highest APRs in the US, reaching up to a ludicrous 780% — four times higher than in Colorado. Almost three decades have passed since Ohioans first encountered this initially promising concept, and it finally seems that they have caught a break. House Bill 123 came into effect in 2019, promising a 28% APR cap on the payday loans Ohio residents can get. It also introduced several other welcome changes:

Payday Loan Requirements in Ohio

Getting a payday loan in Ohio is a walk in the park. You’ll need three things:

Bad Credit Payday Loans in Ohio

The majority of direct payday lenders in Ohio encourage people with a bad credit score to apply, so procuring a loan shouldn’t be that difficult.

Failing to Repay a Payday Loan in Ohio

When talking about payday loans, it is important to distinguish facts from myths. Despite what you might’ve heard, the borrower cannot go to jail if they fail to repay a loan, since it is not a criminal offense. The customer, therefore, mustn’t be harassed in any way, shape, or form. However, payday lenders can file a lawsuit after repeated failure to repay the debt, which can lead to a seizure of assets. In this case, borrowers are advised to seek an experienced payday loan attorney.

Reviews of Best Payday Loans Ohio Has to Offer

Advance America

With 61 storefronts ranging from the capital Columbus, innovation-driven Dayton, to mesmerizing Lima, payday loans have never been more accessible. If modern technologies are more up your alley, they offer online options as well. Advance America obtained a new license from Ohio’s Department of Commerce in April 2020.

Pros

Cons

Lending Offer Overview

Advance America is the most readily available brand in Ohio. After the recent reforms, which took place in 2019, this company adapted and improved its offer. So what exactly changed? Loan terms were greatly extended and now range from 3 to 12 months, a significant improvement compared to the traditional 2 to 4 weeks. When it comes to loan amounts, they stayed almost the same, starting from $200 and tapering off at $1,000. Reliable payday loans in Ohio offered by Advance America had their APRs (fees included) substantially lowered, varying from 87% to 207%. The customer can choose between a bi-weekly and a monthly repayment cycle. Under the new legislation, regardless of the loan amount, monthly fees cannot exceed $30. Lenders are obliged by the new law to accommodate customers unable to repay their loans on time and to work out a mutually beneficial solution.

Other Features

Time is money, right? That’s why Advance America made their application process so time-efficient, which makes it one of the best payday loans companies in Ohio. Borrowers are presented with an in-store and online application, both of which will be completed before you know it. Their support team is unparalleled, emphasizing their customer-orientated business model. Many payday companies jumped the proverbial ship after the enactment of House Bill 123. However, Advance America wholeheartedly embraced the changes.

Check ‘n Go

Check ‘n Go is among the top three lenders in Ohio, and it currently operates 12 stores in the Buckeye state. They offer payday loans in Cleveland, Ohio, and 10 other cities ranging from Youngston in the East to Springfield in the South-West. Unfortunately, they don’t have an online presence in this state, so customers will have to take a walk to one of their stores to acquire a loan.

Pros

Cons

Lending Offer Overview

Check ‘n go remains one of the most widely available lenders, even after Ohio implemented the new laws regulating payday loans. As the legislation changed, so did their offer. Nowadays, they offer a “Select loan” uniquely available in the Buckeye state. It is a polished form of a traditional payday loan, and it offers better terms to the customer. The loan amount ranges from $300 to $1,000, and it can be repaid in 3-9 months. The full amount will be reimbursed in equal monthly installments over the loan’s duration. Payday loans in Ohio with no credit check come with an APR capped at 28% and monthly fees cannot exceed $30. Since late or renewal fees aren’t listed on their website, customers should exercise caution and read the documents thoroughly before signing them.

Other Features

Check ‘n Go doesn’t offer online applications. However, if you’re a glass-half-full kind of a person, this doesn’t have to be a disadvantage. The benefit of an in-store request is that you get your money on the spot. The whole application process is further simplified, meaning you’ll be in and out in a jiffy. The comments on the Trustpilot page laud their customer service, so don’t hesitate to call if you encounter any difficulties.

ACE Cash Express

One of the oldest in the industry, ACE Cash Express blazed a trail in this sector to become a household name. They don’t offer online services anymore. However, Ohio payday loans are available in one of their 28 stores across the state. ACE has been a licensed lender by the Department of Commerce since 2005.

Pros

Cons

Lending Offer Overview

ACE is the second most readily available payday lender in Ohio. Customers can expect to borrow up to $1,000 in one of their 28 stores found in every corner of the state. Despite being one of the top payday loans in Ohio, this lender wasn’t very transparent about the loan terms and fees. Luckily, the new regulations are unequivocal, and we can take an educated guess. Loan terms can range from three months up to a year, while repayments are done in bi-weekly or monthly cycles. The annual percentage rate mustn’t exceed 28%, and the monthly fees are capped at $30, regardless of the amount borrowed. Late fees and possible penalties weren’t disclosed as well. Therefore, borrowers are advised to tread carefully. It would be prudent to inquire about these matters before signing a loan.

Other Features

As one of the best payday loans direct lenders in Ohio, ACE offers a streamlined application process, which can be done in a matter of minutes. Better still, their approval time takes even less since it’s nearly instant. In a heartbeat, you’ll be joyfully walking out of their store, cash in hand, ready to go about your business. They offer several smartphone apps, making it even simpler to manage your account and loans on the go.

Possible Finance

Possible Finance is a newcomer to the lending scene. Their services became available in Ohio in 2019, with a mission to bring fairness and balance to this industry. Currently, they only offer online payday loans in Ohio, but don’t let that discourage you. They more than make up for that with their affordable fees. Possible Finance is regulated by Ohio’s Department of Finance.

Pros

Cons

Lending Offer Overview

One of the up-and-coming brands in the lending business, Possible Finance, offers something a bit different to Ohioans. Their loan terms are not nearly as strict as the ones associated with traditional payday loans. Customers usually repay the loan over eight weeks, with a possibility to extend a loan with no questions asked. Possible offers loans of up to $500, with rates significantly lower (150%-200%) than the average payday loan. Better still, there are no additional monthly fees. Sounds almost too good to be true, doesn’t it? Well, it gets even better. This company can help you build your credit score and history as they report to Experian, TransUnion, and Equifax. They have excellent reviews and undoubtedly deserve the title of one of the best online payday loans Ohio has to offer.

Other Features

Possible Finance offers debit card and bank account deposits. However, there are some differences between the two. The first one will be available in a matter of minutes, while you’ll have to wait up to two business days for the bank account deposit. This brand offers its loans through a smartphone app, and the process doesn’t last more than a minute. They don’t require a good credit score or long credit history. However, they do perform a soft pull to avoid fraudulent behavior. Their app is available on Google Play and App store.

Fig Loans

Fig Loans launched its services in May 2019, making it yet another fledgling on the Ohio payday landing scene. They have partnered with local non-profits to offer you more affordable loans while simultaneously building up your credit score. Fig is a direct lender of payday loans in Ohio, licensed by the Department of Commerce.

Pros

Cons

Lending Offer Overview

The new kid on the block, Fig Loans, is determined to make a name for itself as a top provider of payday loans in Ohio. They strive to bring positive changes to this industry, which is clearly reflected in their loan terms. The loans they offer initially are certainly not the largest. However, the amount can increase for repeat customers. At first, borrowers can receive between $200 and $300. The maximum APR they charge in Ohio is 199%, with no additional fees accompanying the loan. Payments are provided in four equal monthly installments over 120 days. They don’t charge late or extra fees on their loans and offer some leeway to borrowers who don’t pay on time. Best of all, Fig reports to the credit three major bureaus (Equifax, Experian, TransUnion), setting you up on the road to financial freedom. The outlook of this company looks promising since they are unquestionably among the best online payday loans direct lenders in Ohio.

Other Features

Fig online application can be completed in about five minutes, while the funds are usually available within 24 business hours. You can apply for a loan online or through their convenient smartphone app – available on android and iOS. Additionally, this handy app allows the customer to manage their accounts while they’re out and about. Customers are even incentivized to repay the loan early since they can get a discount by doing so. This company offers another type of loan dubbed “the credit builder”, which can significantly improve your credit score. If you have any further questions, feel free to contact their excellent customer support via phone or online.

Speedy Cash

In business since 1997, Speedy Cash is among the first 10 lenders that got licensed to offer loans under the new regulations in Ohio. Customers can choose to apply on their website or via the SpeedyCash app. With such a long tradition and valuable experience, you can’t go wrong with this top payday loans direct lender in Ohio. This company has been regulated by Ohio’s Department of Commerce since 2019.

Pros

Cons

Lending Offer Overview

Under the new regulations, Speedy Cash had to up their game as well. The amount of money you can borrow ranges from $200 to $500, with a fixed APR of 185%. The payments are provided in equal amounts every month throughout the duration of the loan. Most commonly, the loan term is 130 days. However, it can be shorter if the customer chooses to repay early. There weren’t any additional fees or late charges listed on their website, but to be on the safe side, the customers should ask before signing a loan. Payday lenders in Ohio are quite forthcoming, and they’ll always accommodate the customer if they’re unable to pay on time.

Other Features

Speedy Cash is keeping up with the times and tweaking its offer to suit the customer’s needs. Their application process is lightning-fast and can be completed before one can say Jack Robinson. Since borrowers can only apply online, same-day deposits are unfortunately not in the cards. Their smartphone app, which lets you manage your loan and account on the go, is available on Android and iOS. Exceptional customer support and loan specialists are available by phone or email, helping cement Speedy Cash’s spot as a provider of some of the best online payday loans Ohio has to offer.

Before and After the Reform. What Changed Exactly?

Approximately 10% of Ohioans (or about one million people) have taken out a payday loan. Pew Charitable Trusts reports that the ordinary payday loan borrower in the state receives around $30,000 per year and uses these loans to pay for recurring expenses, such as rent, groceries, utilities, and mortgage payments. Pew’s statistics indicate that Ohioans borrow an average of $300 per loan, costing them typically about $68 per bi-weekly cycle, or $680 over only 5 months (more than twice the original amount). All of this was a clear-cut sign that Ohio payday loans regulations had to change for the better.

 

Before the Reform After the Reform
Payday loans up to 4 times more expensive than in other states. Payday loans are now among the most affordable in the US.
Loan payments were equal to a third of the borrower’s salary. Ohioans will save at least $75 million yearly on payday loans.
80% of Ohio voters endorsed the payday loan reform. The majority of the voters are satisfied with the result.
Cost of a $300 loan — $450 in fees. Cost of a $300 loan — $109 in fees.

 

Conclusion

With the reform having paved the way to fairer terms, the focus has now turned to the actual quality of service, availability, ease of use, and customer support for the payday loans Ohio has in store. So, to that end, our list of reviews has outlined the top options in the state that you can turn to, should you ever find yourself in need of a short-term cash solution.

References:

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