Installment Loans Ohio

Rates and Terms

Apply for an Installment Loan

About MoneyKey Online Installment Loans in Ohio

For the online Installment Loan in Ohio, MoneyKey acts as a Credit Services Organization (CSO) by arranging an Installment Loan between the customer and an unaffiliated third-party lender. This online Installment Loan is a loan product repayable in substantially equal payments. The number of installments that your loan is repayable in depends on the frequency of your income.

How much can I borrow in Ohio?

MoneyKey-OH, Inc. is a CSO and is not the lender in the state of Ohio. All loans are made by an unaffiliated third-party lender. As a CSO, MoneyKey will attempt to arrange an online Installment Loan for you between $200 and $1,500. Whether you will be approved, and the amount you will be approved for, is dependent on certain qualification criteria.

How does the Installment Loan work in Ohio?

MoneyKey charges customers a Credit Service Organization Fee (CSO Fee), which is incurred on the date that a loan agreement is entered into. The rate of the CSO Fee depends on the frequency of your income, as provided below.

Additionally, the third-party lender charges customers interest at a rate of 24.9% per year on the amount you borrow (i.e. the Amount Financed).

Therefore, if you are approved for an online Installment Loan in Ohio, you will be responsible for*:

  1. paying the CSO Fee (at the rate corresponding to the frequency of your income);
  2. paying interest of 24.9% per year on the total amount you borrow; and
  3. repaying the amount that you borrow.

*The above components will be automatically computed and included in the installment payments that you are required to make.

If you received your installment loan prior to July 25th, 2017, please refer to your loan agreement for terms and conditions.

Weekly, bi-weekly and semi-monthly paid customers:

If you are a customer who receives their income on a weekly, bi-weekly or semi-monthly basis, and you are approved for an Installment Loan, you will be charged a CSO Fee that is equal to TWO (2) TIMES the amount of your loan.

Your loan repayment schedule will consist of nineteen (19) substantially equal scheduled installments.

The bi-weekly example below shows the CSO Fee and Lender Interest reflected both as an annual percentage rate (APR) and a total dollar amount (Finance Charge), and may be helpful in demonstrating how the Installment Loan works.

Bi-Weekly Example:
A $500 Installment Loan with an effective date of 08/24/2017, due in nineteen (19) bi-weekly installments. This is only an example; the APR, repayment amount and payment schedule will vary depending on the individual loan term.

ANNUAL PERCENTAGE RATEFINANCE CHARGEAMOUNT FINANCEDCSO FEETOTAL OF PAYMENTSTOTAL NUMBER OF PAYMENTS
The cost of your credit as a yearly rate The dollar amount the credit will cost you The amount of credit provided to you on your behalf The dollar amount of the CSO Fee The amount you will have paid after you have made all payments as scheduled The number of individual payments you will have made until your loan is repaid in full
395.11%$1,049.03$500.00$1,000.00$1,549.0319

PAYMENT SCHEDULE

 PAYMENT NUMBER   PAYMENT AMOUNT   PAYMENT DATE 
1 $81.53 8/24/2017
2 $81.53 9/7/2017
3 $81.53 9/21/2017
4 $81.52 10/5/2017
5 $81.53 10/19/2017
6 $81.53 11/2/2017
7 $81.52 11/16/2017
8 $81.53 11/30/2017
9 $81.52 12/14/2017
10 $81.53 12/28/2017
11 $81.52 1/11/2018
12 $81.53 1/25/2018
13 $81.53 2/8/2018
14 $81.53 2/22/2018
15 $81.53 3/8/2018
16 $81.52 3/22/2018
17 $81.53 4/5/2018
18 $81.53 4/19/2018
19 $81.54 5/3/2018

Monthly paid customers:

If you are a customer who receives their income on a monthly basis, and you are approved for an Installment Loan, you will be charged a CSO Fee that is equal to ONE POINT TWO (1.2) TIMES the amount of your loan.

Your loan repayment schedule will consist of six (6) substantially equal scheduled installments.

The monthly example below shows the CSO Fee and lender interest reflected both as an annual percentage rate (APR) and a total dollar amount (Finance Charge), and may be helpful in demonstrating how the Installment Loan works.

Monthly Example:
A $500 Installment Loan with an effective date of 09/01/2017, due in six (6) monthly installments. This is only an example; the APR, repayment amount and payment schedule will vary depending on the individual loan term.

ANNUAL PERCENTAGE RATEFINANCE CHARGEAMOUNT FINANCEDCSO FEETOTAL OF PAYMENTSTOTAL NUMBER OF PAYMENTS
The cost of your credit as yearly rate The dollar amount the credit will cost you The amount of credit provided to you on your behalf The dollar amount of the CSO Fee The amount you will have paid after you have made all payments as scheduled The number of individual payments you will have made until your loan is repaid in full
359.13%$636.49$500.00$600.00 $1,136.496

PAYMENT SCHEDULE

 PAYMENT NUMBER   PAYMENT AMOUNT   PAYMENT DATE 
1 $189.46 9/1/2017
2 $189.45 9/29/2017
3 $189.45 11/1/2017
4 $189.46 12/1/2017
5 $189.46 12/29/2017
6 $189.21 2/1/2018

When do I pay the Installment Loan back?

The online Installment Loan term is less than 10 months. The number of installments that your loan is repayable in depends on the frequency of your income (see above).

Early Repayment Notice: There is no penalty to pay off your Installment Loan earlier than scheduled. If you want to make an early payment, or pay an additional amount over and above your scheduled installment to reduce the total amount owed, you may do so at any time by contacting us by phone at 1-866-255-1668 or via email at customercare@moneykey.com. MoneyKey encourages you to pay your loan off as quickly as possible.

Any payment made in excess of the scheduled payment (whether a partial or full prepayment) will reduce the total amount that you will pay the unaffiliated third-party lender.

In the event that you fully prepay the amount you owe to the unaffiliated third-party lender, you may qualify for a rebate for a portion of your CSO Fee, depending on how early you pay off your loan.

Table 1: CSO Fee rebate due to early repayment of a $500 Installment Loan (Weekly, bi-weekly and semi-monthly paid customers)

 Pay Period of Full Repayment   Discount on CSO Fee   Dollar Value of Rebate   Example: CSO Fee Charged on $500 Installment Loan 
1 86% $860 $140
2 60% $600 $400
3 45% $450 $550
4 45% $450 $550
5 30% $300 $700
6 30% $300 $700
7 20% $200 $800
8 20% $200 $800
9 15% $150 $850
10 15% $150 $850
11 10% $100 $900
12 10% $100 $900
13 10% $100 $900
14 10% $100 $900
15 0% $0 $1,000
16 0% $0 $1,000
17 0% $0 $1,000
18 0% $0 $1,000
19 0% $0 $1,000

Table 2: CSO Fee Rebate due to early repayment of a $500 Installment Loan (For Monthly paid customers)

 Pay Period of Full Repayment   Discount on CSO Fee   Dollar Value of Rebate   Example: CSO Fee Charged on $500 Installment Loan 
1 75% $450 $150
2 50% $300 $300
3 35% $210 $390
4 20% $120 $480
5 0% $0 $600
6 0% $0 $600

Are there any additional charges for online Installment Loans in Ohio?

No. There are no additional charges beyond what has been disclosed here.

Can I cancel my Installment Loan?

Yes. You can cancel your loan at no cost within three (3) business days of the effective date of your agreement by phone 1-866-255-1668 or via email at customercare@moneykey.com.

If you cancel your loan, you will be responsible for returning the entire amount received from the third-party lender back to us. If you do not return the entire amount back to us, your loan will remain outstanding and you will be responsible for making the scheduled payments disclosed in your loan agreement.

Who funds the Installment Loan in Ohio?

All Installment Loans in Ohio are funded by an unaffiliated third-party lender.

About Credit Services Organizations

MoneyKey - OH, Inc. is licensed as a Credit Services Organization (CSO) by the Ohio Department of Financial Institutions, Department of Commerce.

As a CSO, MoneyKey attempts to arrange a loan between you and an unaffiliated third-party lender, and is responsible for the ongoing servicing of any loans that are originated. All Installment Loans arranged by MoneyKey in Ohio are funded by an unaffiliated third-party lender.

I have a few more questions about Installment Loans in Ohio.

For additional questions, or if you would like to learn more about this online Installment Loans in Ohio, please call our Customer Care team at 1-866-255-1668 or check out the frequently asked questions (FAQs) for this product.

Authority to operate

MoneyKey-OH, Inc. is licensed as a Credit Services Organization (CSO) by the Ohio Department of Financial Institutions, Department of Commerce: CS.900134.000 Click on the image below to view our Credit Service Organization License.

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