Installment Loans in Ohio
Ohio's HB 123 Fairness in Lending Act (effective April 2019) fundamentally restructured short-term lending in the state. Lenders can no longer offer single-payment payday loans — all small-dollar loans must now have a minimum 91-day term, be capped at 28% APR plus a monthly maintenance fee of 10% of the original principal (max $30), and not exceed $1,000. This makes Ohio installment loans among the most regulated and affordable in the United States.
How Installment Loans Work in Ohio
Apply online at primelendingsloans.com from any Ohio ZIP code. PrimeLendings connects you with Ohio Department of Commerce-licensed installment lenders. All HB 123-compliant offers show the exact 28% APR, monthly payment, number of payments (minimum 3), and total cost before you sign. Funds arrive via ACH as early as the next business day. Serving Columbus, Cleveland, Cincinnati, Toledo, Akron, Dayton, Parma, Canton, and all Ohio ZIP codes.
Eligibility Requirements in Ohio
Ohio installment loan requirements: age 18+, Ohio resident, verifiable monthly income, active US bank account open 30+ days, valid government-issued ID. Ohio lenders under HB 123 must assess ability to repay before approving any loan. Soft credit inquiry at pre-qualification stage.
- ✓Age 18+ and a Ohio resident
- ✓Verifiable monthly income (employment, gig, benefits, or self-employment)
- ✓Active US checking account open 30+ days
- ✓Valid government-issued ID
- ✓Soft credit pull only at pre-qualification
- ✓All credit types considered — income is primary
Installment Loan Costs in Ohio
Ohio HB 123 caps APR at 28% per year plus a monthly maintenance fee capped at 10% of the original principal (maximum $30/month). A $1,000 Ohio installment loan repaid over 6 months costs approximately $60–$70 in interest plus maintenance fees — significantly cheaper than pre-2019 Ohio payday loans. Verify any lender's ODC license at com.ohio.gov.
Installment Loans Across Ohio
Ohio installment loans are available to residents of Franklin County (Columbus), Cuyahoga County (Cleveland), Hamilton County (Cincinnati), Lucas County (Toledo), Summit County (Akron), Montgomery County (Dayton), and all 88 Ohio counties. Ohio's HB 123 framework is a model for consumer protection nationally.
Top cities served: Columbus · Cleveland · Cincinnati · Toledo · Akron · Dayton · Parma · Canton
Ohio Installment Loan Regulations
Regulator: Ohio Department of Commerce
Governing Law: Ohio Revised Code § 1321.35–1321.48 (Short-Term Loan Act / HB 123 Fairness in Lending Act, effective April 2019)
Recent Change: 2019: HB 123 (Fairness in Lending Act) eliminated the loophole that allowed payday lenders to operate as mortgage brokers, imposing a strict 28% APR + 1% monthly fee cap and 91-day minimum term
Borrower Tip: Ohio's 91-day minimum term makes loans significantly more affordable than pre-2019 payday products. Always compare the total cost over the full term — not just the monthly fee — when evaluating Ohio loan offers.
Regulator Helpline: 1-800-282-0515
Ready to Apply for an Installment Loan in Ohio?
5-minute application · Fixed monthly payments · All credit types · Ohio Department of Commerce-licensed lenders
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