Ohio Interest Rates Laws
As a matter of practice, consumers regularly pay higher interest rates than what is legally allowed -- by waiving these protections in order to agree to a loan's terms. So while they're relatively meaningless in most situations, most states have laws capping the amount of interest allowed. Ohio interest rates laws, for instance, cap interest at 8 percent.
The main details of Ohio's interest rate laws are highlighted in the following chart. See Usury Laws and Limits on Credit Card Interest Rates for more details.
|Legal Maximum Rate of Interest||8% (§1343.01)|
|Penalty for Usury (Unlawful Interest Rate)||Excess interest applied to principal (§1343.04)|
|Interest Rates on Judgments||Contract rate (§1343.02), otherwise 10% (§1343.03)|
|Exceptions||Amount exceeds $100,000; broker/dealer registered; secured by mortgage or deed of trust; business loan (§1343.01)|
Note: State laws are constantly changing -- contact an Ohio consumer protection attorney or conduct your own legal research to verify the state law(s) you are researching.
Research the Law
- Ohio Law
- Official State Codes - Links to the official online statutes (laws) in all 50 states and DC.
Ohio Interest Rates Laws: Related Resources