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Rates and rules

Ohio Loan Rates and Rules

Who regulates consumer lending in Ohio, how rates are set, and how to check a lender and its rate before you borrow. For new requests SET Financial is not the lender: it connects Ohio residents with third-party lenders who set all rates and terms.

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This page is general information, not a rate quote. Not everyone who applies will be matched or approved.

Who regulates consumer lending in Ohio

Consumer lending in Ohio is overseen by the Ohio Department of Commerce, Division of Financial Institutions, whose Consumer Finance section administers laws such as the Ohio Consumer Installment Loan Act and the General Loan Law. Under the Consumer Installment Loan Act, a licensed lender making a loan with a term longer than six months is generally limited to a 25 percent interest rate (28 percent for an open-end loan), while other loan types fall under separate Ohio statutes. Actual rates, fees, and terms depend entirely on the individual lender, the product, and your qualifications. SET Financial does not lend, is not licensed as a lender in Ohio, and does not set any rates or terms.

Regulator: Ohio Department of Commerce, Division of Financial Institutions.

How to check a lender before you borrow

You can confirm a lender is licensed by checking the Ohio Department of Commerce, Division of Financial Institutions, and you should always review the APR, fees, and full repayment terms shown on the loan agreement before you sign.

Many consumer lenders are also listed on NMLS Consumer Access, a national database you can search for free to confirm a company's license status and history.

Search NMLS Consumer Access

The four numbers to compare on any offer

A regulator's rules tell you about the lender. These tell you about the loan. Whoever you borrow from, and whether or not you use this site, compare offers on the same four things:

  • APR. The annualized cost including most fees. It is the only number that lets you compare two different loans honestly.
  • Total repayment amount. Principal plus every finance charge over the full term. A lower monthly payment stretched longer often costs more overall.
  • Term and payment schedule. How many payments, how often, and the exact due dates measured against when you actually get paid.
  • Fees and prepayment terms. Origination, late, and returned-payment fees, and whether paying the loan off early saves you interest.

Your loan agreement is the number that governs

Federal Truth in Lending rules require the lender to disclose the APR, finance charge, amount financed, and total of payments on the loan agreement before you sign. Any rate you see in marketing, including on this site, is general information. The figures on your own signed agreement are what actually apply to your loan.

Common questions about Ohio rates

Who regulates consumer lenders in Ohio?

Consumer lenders in Ohio are overseen by the Ohio Department of Commerce, Division of Financial Institutions. Its Consumer Finance section administers laws including the Ohio Consumer Installment Loan Act and the General Loan Law.

What interest rate can a lender charge in Ohio?

It depends on the loan type and the governing statute. Under the Ohio Consumer Installment Loan Act, a licensed lender making a loan with a term over six months is generally capped at 25 percent interest, or 28 percent for an open-end loan. Your actual APR is set by the lender and appears on your loan agreement.

How do I verify a lender is licensed in Ohio?

You can check a lender's license status through the Ohio Department of Commerce, Division of Financial Institutions. Always review the APR, fees, and repayment terms on the loan agreement before signing.

This page is general information about Ohio lending rules, not legal or financial advice, and it is not a rate quote. Rules change; confirm anything that matters to your situation with the Ohio Department of Commerce, Division of Financial Institutions or a qualified advisor. SET Financial is not the lender on new requests and does not set the rates, fees, terms, or approval decisions of the third-party lenders in its network.

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