How did Ohio HB 123 reform consumer lending?
The Ohio Fairness in Lending Act (HB 123) capped interest on consumer loans at 28% APR, limited monthly fees to 10% of principal (max $30), and mandated monthly installment structures.
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Personal Loans in Ohio
InstantLoans.ai connects residents of Ohio with independent third-party lenders operating in accordance with Ohio Short-Term Loan Act & General Loan Law - ORC Chapter 1321 (Fairness in Lending Act).
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Last Updated: June 15, 2026
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Editorial Policy & Integrity PactOhio Regulatory Overview
Governing Statute
Ohio Short-Term Loan Act & General Loan Law - ORC Chapter 1321 (Fairness in Lending Act)
Primary legal framework regulating consumer loans and borrower protections.
Statutory APR Limit
28.00% maximum APR plus restricted monthly maintenance fees under Ohio Fairness in Lending Act
Annual percentage rates comply with state usury and consumer credit caps.
Maximum Network Loan
Up to $35,000
Prepayment allowed at any time with zero penalty under state statute.
Understanding Loan Protections in Ohio
Ohio's landmark Fairness in Lending Act (HB 123) transformed consumer lending by capping short-term loan rates at 28.00% plus limited monthly fees, requiring affordable installment schedules.
Guaranteed Borrower Rights
- ✓ 28.00% base interest rate ceiling under HB 123
- ✓ Strict caps on monthly maintenance and origination fees
- ✓ Minimum term durations to protect against unaffordable balloon payments
How InstantLoans.ai Works in Ohio
1. Connect
Submit your information securely. We ping our network of participating independent lenders.
2. Review Offers
If a lender accepts your request, review their specific rates, fees, and terms independently.
Frequently Asked Questions in Ohio
Who oversees loan licenses in Ohio?
The Ohio Division of Financial Institutions within the Department of Commerce regulates and licenses all non-depository consumer lenders.