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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.

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