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New payday loan law comes into force in Ohio

Payday loans are a great option for solving short-term financial needs, but high interest rates and fees, and short repayment periods make it difficult for borrowers to repay their loans on time. Ohio borrowers experiencing this difficulty don’t have to worry because Ohio’s new payday loan law will save them from loan defaults.

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Online Payday loans are replaced by short-term loans with long repayment periods due to interest rate and fee restrictions. Ohio’s new payday loan law includes some differences from the standards and regulations established in other states.

What is included in the new payday loan law?

New legislation and standards include:

  • A borrower can only borrow one loan from a lender at a time. Previously, borrowers were allowed to take additional loans to repay their first loan.
  • The new law sets limits on the amount of money you can borrow from one or more lenders on various loans. Borrowers cannot borrow more than $ 2,500. The borrower must sign a written declaration document stating that there are no outstanding principals in excess of $ 2,500, which the lender must confirm.
  • The new law also imposes some restrictions on fees and interest rates. Interest rates are limited to 28% per year. For loans less than 90 days, the monthly repayment amount, including fees, cannot exceed 7% of the borrower’s net monthly income or 6% of the total monthly income. For loans over 90 days and less than a year, interest rates and fees cannot exceed 60% of the total loan amount.
  • The loan term cannot exceed one year.
  • The new law allows lenders to lend up to $ 1,000 (which is already standard).

How will the new law affect borrowers?

The new payday loan law includes the following provisions to assist borrowers:

  • The borrower is given 3 business days to change the loan decision and can also repay the loan amount without paying a fee. The lender may ask the borrower to disclose the reason for withdrawing the loan.
  • The borrower must receive a copy of the document stating the terms of the loan. You also need to be clear and accurate about the total charges and charges, and the total amount and total number of payments for each payment.
  • The lender must disclose whether the borrower has a complaint. Borrowers can file complaints with the Ohio Department of Commerce’s Financial Institutions Department. If the borrower is willing to file a complaint, the department’s phone number and address must be provided to the borrower.

This new Ohio payday loan law prevents Ohio people from getting stuck in the debt cycle.

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Flex Loans Online is a reliable online payday loan referral service that helps people overcome short-term financial emergencies. Our safe and secure online loan application makes it easy and convenient to get payday loans online. There is a large network of qualified lenders to increase the likelihood of expedited cash loan approval.

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