Everything Ohio residents need to know about OppLoans bad credit loan terms, state-specific APR, and applicable consumer protection laws.
OppLoans is available to Ohio residents through their bank-partner network. Approved borrowers can access personal installment loans up to $1,000 with APR in the 28% (state cap) range, subject to your creditworthiness and state-specific underwriting.
Ohio's Short-Term Loan Act (as amended in 2018) caps APR at 28% for loans under $1,000, and Ohio law requires OppLoans to structure loans within these parameters. Loan amounts and terms are more limited here than in uncapped states, but total borrowing cost is much lower.
The Ohio Department of Commerce Division of Financial Institutions oversees consumer lending. Ohio borrowers benefit from some of the strongest small-dollar loan protections in the country.
OppLoans serves borrowers across Ohio, including residents of:
Before applying for a high-APR loan, Ohio residents should check these lower-cost options first:
Central and Southwest Ohio. Personal loans and Payday Alternative Loans starting at 12% APR to members.
Northern Ohio (Toledo, Cleveland area). Signature loans at 8.99% APR minimum for qualifying credit tiers.
Ohio's flagship educational credit union. Personal loans and financial wellness programs.
Ohio's Short-Term Loan Act (as amended by HB 123 in 2018) caps APR at 28% for loans under $1,000 with terms up to 12 months. For an Ohio borrower needing $1,000, OppLoans structures the loan at ~28% APR — resulting in approximately $155 in total interest over 12 months. Compare that to $500-800 in interest for the same loan amount in uncapped states. The tradeoff: Ohio loan amounts are limited to $1,000, versus $5,000 in Texas or Georgia. For borrowers needing larger amounts, options include: (1) Ohio credit union personal loans up to $25,000 at 10-18% APR, (2) home equity lines if a homeowner, (3) 401(k) loans from employer plans. The 28% cap is one of the strongest consumer protections in the Midwest.
State regulator: Ohio Department of Commerce Division of Financial Institutions oversees lending. File complaints at com.ohio.gov/dfi or call 1-866-278-0003.
Before applying, we recommend: (1) checking your credit score for free through Credit Karma or your card issuer, (2) reviewing our OppLoans requirements guide to confirm you meet the eligibility criteria, and (3) using our loan calculator to see what your monthly payment would look like at Ohio APR ranges.