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A new law regulating Payday lending has been passed and will come into effect in October, 2018. As most lenders managed to escape 28% interest cap the Government decided to change the law. Now these highest rates will be prohibited. Rates for Payday loans borrowed for the term less than 90 days will be capped to 6% of gross monthly income. For loans between 90 days to 1 year , fees canu2019t exceed 60% of the loan value, monthly fees will comprise either 10% of the principal loan amount or $30, whichever is less.

For any further questions or complaints address Ohio Division of Financial Institutions, 77 South High Street, 21st Floor Columbus OH 43215 or call (614) 728-8400, (614) 728-0380