When a financial emergency strikes, especially if you’re living paycheck to paycheck, no matter how small it may be, many consumers across Ohio (along with the rest of the country) can be sent into a financially devastating situation. This is just one of the reasons for the increased popularity of the payday loan industry.

What would happen if you needed $500 quickly to have your car repaired? You know that you will have the money when you get your next paycheck, which unfortunately isn’t until one week from Friday. This would be an optimum scenario for a cash advance.

With a cash advance, or other payday loan, there is no credit check used as a basis for your loan. All that you need is your current pay stub for the cash advance lender to calculate your eligible loan amount. Some lenders may require that your employer directly deposits your paycheck into your checking account.

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One popular means of paying your short-term, single payment loan is by writing a personal check out to the lender for the full loan amount along with any applicable fees and post-dating it for your cash advance’s due date. The lender simply cashes the check when the loan becomes due and keeps the fees.

The Ohio Check Cashing Loan Act helps to regulate the cash advance industry, protecting all involved parties:

Maximum fees of 5% interest per month, plus a $5 loan origination fee for each $50 borrowed.
6 month maximum time frame allowed for all cash advances.
No rollovers allowed (cannot pay one cash advance with another).
Only one payday loan may be out by one consumer at a time.
Bank charges must be disclosed by the lender prior to loan funding in order to be collected.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.