Personal loans in Ohio: your $200–$5,000 options and what the law allows

Borrowing $200–$5,000 in Ohio

Ohio went from the most expensive payday market in the country (average APRs near 591% in 2016, according to Pew) to a regulated small-loan model. The Fairness in Lending Act, in force since April 2019, limits loans of $1,000 or less to 28% interest plus a monthly maintenance fee of the lesser of 10% of principal or $30, a minimum 91-day term, and total charges of no more than 60% of the principal. Loans over $1,000 fall under the Consumer Installment Loan Act at 25% interest plus limited fees.

For a $200–$5,000 borrower this means a regulated short-term loan of $500 costs about $150 at most over its life, far less than before, but still roughly a 100% APR when the monthly fee is included on a small, short loan. A credit union, a national online lender or an Ohio licensed installment lender is cheaper for anything above a few hundred dollars.

What you can borrow in Ohio, by amount

Lender minimums from our lender reviews (October 2026): Upgrade, Upstart and Happen Bank from $1,000; OneMain from $1,500; Avant, Best Egg and Prosper from $2,000; Discover from $2,500; LightStream and SoFi from $5,000. Availability varies by state and changes; confirm on the lender's site.

Ohio small-loan laws at a glance

Ohio's 2018 Fairness in Lending Act allows 28% interest plus a monthly maintenance fee of the lesser of 10% of principal or $30 on loans up to $1,000, with total charges capped at 60% of principal; larger loans fall under the Consumer Installment Loan Act at 25%. Usury rule: 8% default; licensed small-loan and installment lenders have statutory exceptions.

State law governs non-bank lenders. Banks and federal credit unions follow federal rules, which is why a bank credit card can exceed a state cap while a state-licensed lender cannot. Laws change; the "verified" date above is when we last checked the statutes and regulator guidance cited in the sources.

What a $1,000 loan costs in Ohio, by source

Same $1,000, repaid over 12 months where the product allows it. Our amortization math at the ceilings described above; your rate depends on credit and may be far lower than a ceiling.

The order rarely changes: a credit union first, a national online lender or licensed installment lender second, and the payday product, where Ohio allows one, a distant last. For $2,000–$5,000 the comparison is mostly between online lenders and credit unions; use the payment calculator with the APR from a pre-qualified offer.

Where Ohio residents can borrow $200–$5,000

1. A Ohio credit unionFederal credit unions are capped at 18% and can make payday alternative loans of up to $2,000 at no more than 28% with no membership waiting period (PAL II). Find one you can join by county, employer or association with the NCUA locator. State-chartered credit unions follow Ohio law and are usually priced similarly.
2. A national online lender that lends in OhioPre-qualify with two or three using soft inquiries. For $1,000–$2,000, Upgrade, Upstart and Happen Bank; for $2,000–$5,000, add Avant, Best Egg, Prosper and Discover. Offers show the APR with any origination fee included. See our lender reviews and bad-credit guide.
3. A Ohio-licensed installment lenderStorefront and online lenders licensed by the Ohio Department of Commerce, Division of Financial Institutions must stay within the caps in the table above. Useful for borrowers who want in-person service or cannot get an online approval; ask for the APR and total of payments in writing before signing.
4. Your existing creditors and employerBefore borrowing at all: hardship plans from utilities, landlords and card issuers cost nothing, and many employers now offer earned-wage access at little or no cost. Our emergency loan guide ranks every option by cost.

Your rights as a Ohio borrower

• A short-term lender must give you a three-business-day right to cancel at no cost, and cannot require a payment above 7% of your gross monthly income (6% of net).
• You can hold no more than $2,500 in short-term loans at once across all lenders; lenders check a statewide database.
• Check licenses and file complaints with the Division of Financial Institutions, (866) 278-0003.

Federal protections apply on top of state law: the Truth in Lending Act requires the APR, finance charge, amount financed and total of payments in writing before you sign; the Equal Credit Opportunity Act requires a written reason if you are declined; and the Military Lending Act caps loans to active-duty servicemembers and dependents at 36% MAPR nationwide.

How to check a lender is licensed in Ohio

• State regulatorOhio Department of Commerce, Division of Financial Institutions, (866) 278-0003. Licensee lists and complaint forms are on the site.
• NMLS Consumer Accessnmlsconsumeraccess.org lists most state-licensed non-bank lenders with their Ohio license status and history.
• Banks and credit unionsFDIC BankFind and the NCUA locator. Many online lenders issue through a partner bank named in the loan agreement.
• Scam signalsGuaranteed approval, any fee before funding, payment by gift card or wire, or terms above Ohio's caps. Our scams guide covers the rest.

Ohio personal loan questions

Sources

State statutes and regulator publications as of November 1, 2026. We re-verify each state page after every legislative session and when a regulator announces a change. This page is general information, not legal advice; the regulator listed above can confirm current rules.