Cash Central Loans in Ohio: Short-Term Loan Rules and Your Options

If you’re comparing Cash Central loans in Ohio, the most important thing to know is that Ohio has detailed limits on short-term loans of $1,000 or less. CashCentralLoansUSA is an independent loan-request service, not a lender. You submit one form, and we share it with lenders in our network that offer $200 to $5,000. An offer depends on a lender being licensed or otherwise able to lend in Ohio, and on your profile.

If you searched for Cash Central loans in Ohio, the most useful starting point is how Ohio law treats small consumer loans, because it shapes every offer a lender can make there. CashCentralLoansUSA is an independent request service, not Cash Central and not a lender; whether you receive an offer depends on lenders in our network that are licensed or otherwise able to lend in Ohio.

This page explains the Ohio rules in plain terms, shows what they mean in dollars and walks through how to check a lender before you sign.

How Ohio law shapes Cash Central loans

Ohio’s non-bank consumer lenders are overseen by the Division of Financial Institutions, part of the Ohio Department of Commerce. The Division collects reports from licensees under the Short-Term Loan Act as well as the Small Loan Act and General Loan Law, which cover other consumer loans.

The Short-Term Loan Act after HB 123

House Bill 123, signed in July 2018, rewrote Ohio’s short-term lending rules. The changes took effect October 29, 2018, and apply to loans made beginning April 27, 2019. Under the Ohio Revised Code sections 1321.39 and 1321.40, a short-term loan:

• Can be no more than $1,000.
• Must run at least 91 days and no more than one year. A shorter term is allowed only if the total monthly payment is no more than 6% of your verified gross monthly income or 7% of your verified net monthly income, whichever is greater.
• Can carry interest of no more than 28% per year.
• Can include a monthly maintenance fee of no more than the lesser of 10% of the original loan amount or $30. This fee can’t be charged to active-duty servicemembers or their dependents.
• Can include a one-time origination charge of 2% of the loan amount when the loan is $500 or more.
• Can’t have total fees and charges above 60% of the original loan amount.

A licensee also can’t make a loan that would leave you with more than $2,500 in total outstanding principal at one time.

Your right to cancel

Ohio gives short-term loan borrowers a right to rescind. You can cancel the loan by 5 p.m. on the third business day after the transaction by returning the original loan amount.

Loans above $1,000

Loans over $1,000 aren’t short-term loans under this Act. They are made under other Ohio lending laws or by lenders operating under other authority, with their own rate and term rules. HB 123 also restricted credit service organizations from arranging certain small, short loans, a structure that had been used to work around earlier limits.

What the Ohio limits mean in dollars

Here is the maximum the law allows on the largest short-term loan, $1,000:

The 60% ceiling is a hard stop: no matter how the interest and fees add up, the total cost can’t pass it. For more on how terms affect what you pay, see our installment loans page and our $1,000 loan page.

A worked Ohio example at the legal maximums

To see how the limits work together, imagine a hypothetical $500 short-term loan repaid in 6 equal monthly installments where the lender charges every maximum Ohio allows. This is an illustration of the law, not an offer from any lender.

In this example the borrower would pay $120.27 a month including the maintenance fee, plus the $10 origination charge, for $731.62 in total. The $231.62 in fees and interest stays under the $300 ceiling on fees and charges. A longer term would add more monthly maintenance fees, which is exactly where the 60% ceiling starts to matter. Ask any Ohio lender to show you the total of payments before you sign.

Questions to ask an Ohio lender

• Is this a short-term loan under the Act, or is it made under a different Ohio law?
• What is the monthly maintenance fee, and how many months will I pay it?
• What is the total of payments, and how does it compare with the 60% limit?
• Can I pay early, and will that reduce the fees I owe?

How to verify a lender in Ohio

1. Contact or search the Division of Financial Institutions. Look up the company on the Ohio Department of Commerce website, or contact the Division directly, to confirm it is licensed for the loan it is offering.
2. Check NMLS Consumer Access. Many multistate lenders show their state licenses on nmlsconsumeraccess.org. It’s a quick second check.
3. Look for the rescission notice. A short-term loan agreement must tell you that you have the right to cancel by returning the original loan amount.
4. Report problems. You can contact the Division of Financial Institutions or file a complaint with the CFPB at consumerfinance.gov.

See how other states compare on our states we serve page, and read our state disclosures.

Common reasons Ohioans request $200 to $5,000

• Winter heating and utility bills. Cold months can push gas and electric bills well above normal.
• Car repairs. Snow, salt and potholes are hard on vehicles, and many Ohioans drive to work.
• Home repairs. A failed furnace, water heater or roof leak can’t wait until spring.
• Medical bills. Deductibles and uncovered costs that need attention now.
• Short gaps before payday. Rent or a bill due before the next paycheck lands.

Before borrowing for any of these, ask the company you owe whether it offers a payment arrangement. Many Ohio utilities, hospitals and repair shops will split a bill into smaller payments, and that can cost less than a loan.

Eligibility basics for Ohio borrowers

• Age 18 or older with an Ohio residential address.
• A regular, verifiable source of income.
• An active checking account in your name.
• A Social Security number, phone number and email address.

• For short-term loans, a new loan can’t push your total outstanding principal with a licensee above $2,500.
• Information that can’t be verified will usually stop a request.
• No lender in the network may be able to lend in Ohio for your profile at a given time.

Get the full details on our eligibility page.

Income and payment size

Ohio’s short-term loan rules tie shorter loans to your income: a loan can run under 91 days only if the total monthly payment is no more than 6% of your verified gross monthly income or 7% of your verified net monthly income, whichever is greater. That means lenders will usually need to confirm your income, and a lower income may mean a longer term or a smaller amount. Having a recent pay stub or benefits letter ready can speed things up.

Options to compare before borrowing

Ohio’s limits make short-term loans more predictable, but borrowing still costs money. Before you request a loan, it can be worth checking whether your utility offers a payment arrangement for winter bills, whether a repair shop will split a bill into two payments, or whether a local credit union has a small-dollar loan for members. If one of those works, you may not need to borrow at all.

Representative example

As an illustration only: a $2,000 installment loan at 29.99% APR repaid over 12 monthly payments would have a payment of $194.96, total interest of $339.57 and a total repaid of $2,339.57. Because $2,000 is more than $1,000, a loan this size would not be a short-term loan under the Act. Your actual APR, fees and term depend on the lender, the law it lends under and your credit.

How to request Cash Central loans in Ohio

Decide how much you need, then complete our free request form. Lenders in our network that can lend in Ohio review it, and you’ll see every term before you accept. CashCentralLoansUSA is not a lender, is not affiliated with Cash Central and never charges you to submit a request. Start your Ohio request when you’re ready.

Frequently asked questions

Sources

1. Ohio Revised Code §1321.39
2. Ohio Revised Code §1321.40
3. Ohio Legislative Service Commission: Digest of 2018 Enactments
4. Ohio Division of Financial Institutions: Annual Report 2022
5. Orrick InfoBytes: Ohio law limiting payday lending (2018)
6. NMLS Consumer Access: license lookup
7. Consumer Financial Protection Bureau: Submit a complaint