Installment Loans in Ohio for up to $1500. Poor Credit OK!

Installment Loans in Ohio

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Online Installment Loans in Ohio

If you’re looking for an installment loan in Ohio, you’ve come to the right place. MoneyKey arranges Installment Loans in Ohio as a Credit Services Organization (CSO). As a CSO, we’ll set up a loan between you and an unaffiliated third-party lender who provides the funding.

When you choose MoneyKey to help you get an Ohio Installment Loan, you’ll get exceptional customer service. Our friendly and knowledgeable Customer Care team is available 7 days a week to answer any loan-related questions you may have.

You can use Ohio Installment Loans whenever you need extra money to cover unexpected expenses in your daily life like car and home repairs, medical emergencies and other non-recurring bills. Once you’re approved, funds are typically deposited into your bank account the next business day*.

Summary

Loan Amount: $150 to $1,500

Loan Type: Installment Loan

Loan Term: 6-10 months (based on pay frequency)

Funding: 1 business day*

Pre-Payment Available: Yes


How It Works

1. Submit Your Application

2. Get Approved♦︎

3. Get Money The Next Business Day*


Loan Details

Loan Amount

The amount you can borrow will range between $150 and $1,500 in Ohio. After your application is reviewed, we’ll let you know if you’re approved and how much you may qualify for.

Cost of Loan

For Installment Loans in Ohio, you will be responsible for paying back:

  • A CSO fee charged by MoneyKey at a rate corresponding to your income frequency. If you receive your income weekly, bi-weekly or semi-monthly, you will be charged a CSO fee that is equal to 2 times the amount of your loan. If you receive your income monthly, you will be charged a CSO fee that is equal to 1.2 times the amount of your loan;
  • Interest of 24.9% per year on the total amount you borrow, charged by the third-party lender; and
  • The original amount that you borrow.

The annual percentage rate (APR), repayment amount and payment schedule will vary depending on the specific details of your loan, which are available in your loan agreement.

This loan is an expensive form of credit and is not intended to meet long-term financial needs. MoneyKey urges you to use this product responsibly.

Term of Loan

If you receive your income bi-weekly, semi-monthly or weekly, your Ohio Installment Loan term will be approximately 10 months and will be payable in 19 installments. If you receive your income monthly, your Ohio Installment Loan term will be approximately 6 months and will be payable in 6 installments.

Here are some examples:

In this example, the customer is approved for a $500 Installment Loan with an effective date of 09/21/2018, payable in 19 bi-weekly installments.

 Annual Percentage RateFinance ChargeAmount FinancedCSO FeeTotal of Payments
 
The cost of your credit as a yearly rate.

395.11%

The dollar amount the credit will cost you.

$1,049.03

The amount of credit provided to you or on your behalf.

$500.00

The dollar amount of the CSO fee

$1,000.00

The amount you will have paid after you have made all payments as scheduled.

$1,549.03

Payment Schedule

Payment DatePayment Amount
10/05/2018$81.53
10/19/2018$81.53

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In this example, a customer is approved for a $500 Installment Loan with an effective date of 09/21/2018, payable in 6 monthly installments.

 Annual Percentage RateFinance ChargeAmount FinancedCSO FeeTotal of Payments
 
The cost of your credit as a yearly rate.

329.60%

The dollar amount the credit will cost you.

$639.36

The amount of credit provided to you or on your behalf.

$500.00

The dollar amount of the CSO fee

$600.00

The amount you will have paid after you have made all payments as scheduled.

$1,139.36

Payment Schedule

Payment DatePayment Amount
11/01/2018$189.46
11/30/2018$189.45

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Early Repayment

Paying off your loan early may reduce the total interest and fees you’ll pay and there’s no penalty to do so. You may also qualify for a discount on your CSO fee.

CSO fee discount due to early repayment of a $500 Installment Loan (weekly, bi-weekly and semi-monthly paid customers)

Pay Period of Full RepaymentDiscount on CSO FeeDollar Value of DiscountCSO Fee Charged
186%$860$140
260%$600$400

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CSO Fee Discount due to early repayment of a $500 Installment Loan (for Monthly paid customers)

Pay Period of Full RepaymentDiscount on CSO FeeDollar Value of DiscountCSO Fee Charged
175%$450$150
250%$300$300

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State License

MoneyKey – OH, Inc. is licensed as a Credit Services Organization (CSO) by the Ohio Department of Financial Institutions, Department of Commerce: CS.900134.000. As a CSO, we attempt to arrange a loan between you and an unaffiliated third-party lender. All Installment Loans arranged by MoneyKey in Ohio are funded by an unaffiliated third-party lender.

Click below to view the Ohio license.

Ohio CSO state license
 

Online Installment Loans in Ohio: Frequently Asked Questions

To qualify for an Installment Loan in Ohio, you must:

  • Be at least 18 years old
  • Be a US citizen or a permanent resident
  • Be a resident of Ohio
  • Have an active bank account
  • Have a regular source of income
  • Have a valid contact number and an active email address

Please note that we currently do not offer credit products with rates that allow us to lend to covered members of the US armed forces and their dependents.

No, this is not a payday loan. A payday loan is a short-term loan where you are typically required to pay back the loan in full on your next payday. This is an installment loan, which is different because unlike a payday loan, no lump-sum payment is required. With an installment loan, you pay back the loan in installments over time until it is paid off.
If you’re approved, you’ll typically get the money deposited into your bank account the next business day*.
You have to be living in Ohio to be eligible for an online Installment Loan in Ohio. It doesn’t matter if you live in large cities like Cleveland, Cincinnati or Columbus, or in smaller cities like Dayton or Toledo, we’ll make applying for an Ohio Installment Loan fast and secure.

If you live in another state, please check our rates page to see if other online loans such as Installment Loans, Payday Loans or Lines of Credit are available in the state that you currently live in.

Have more questions? Please refer to our general FAQ page or contact our Customer Care team at 1-866-255-1668.

We’ve helped over 200,000 customers.Let us help you!

Not all applications are approved; duration of approval process may vary.

* If your loan is approved before 9:00 PM ET from Monday through Thursday, or before 7:00 PM ET Sunday, the funds will typically be deposited into your bank account the next business day, otherwise, your funds will be deposited into your bank account in two (2) business days. The date and time funds are made available to you are subject to your bank's policies.

Disclaimers: Product availability varies by state. To see loan products offered in your state of residence, please visit our Rates and Terms page. MoneyKey – OH, Inc. is licensed as a Credit Services Organization (CSO) by the Ohio Department of Financial Institutions, Department of Commerce: CS.900134.000.  MoneyKey – TX, Inc. is licensed as a Credit Access Business (CAB), License No. 16641-62815, by the Office of the Consumer Credit Commissioner and registered as a Credit Services Organization (CSO), Registration No. 20110150, by the State of Texas. All loans for which MoneyKey acts as a CSO and/or CAB are funded by an unaffiliated third-party lender and serviced by MoneyKey.

In the State of California, MoneyKey – CA, Inc. is licensed by the Department of Business Oversight pursuant to California Finance Lenders Law License No. 60DBO43590 and California Deferred Deposit Transaction Law License No.1004516.

Reviews and any ratings referenced are based on TrustPilot reviews. Images are for illustrative purposes only. Reviews reflect individuals’ opinions and may not be illustrative of all individual experiences with MoneyKey.

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