Lima, Ohio Payday Loans: Subprime Report
An OppLoans Guide to Getting The Help You Need

Life in Lima is tough for many. Recent studies show that over a third of the population in Lima and the surrounding area live below the poverty line.(1) For these people, help can be hard to come by — especially in times of emergency. When their car breaks down or their child gets sick, they oftentimes lack the resources to pay the expenses. And this lack of resources is even more pronounced when it comes to more serious conditions like mental illness, substance abuse or domestic violence. Fortunately, there is help available, even if sometimes it doesn’t seem like it. From a better personal loan, to government aid programs to local charities, there is always something people in Lima and Allen County can turn to when they need help.

Borrowing Money in Lima

Getting a safe, reliable loan isn’t that easy for a lot of people in Lima and Allen County. For those who have low incomes and/or poor credit histories, traditional lenders like banks and credit unions are unwilling to issue them a loan, so they have to turn elsewhere. They turn to payday stores, title lenders and pawnshops which all offer loans with higher interest rates, shorter repayment terms and are a great deal riskier than other kinds of personal loans. Many people who take loans out from these kinds of predatory lenders end up trapped in a cycle of debt from which it’s almost impossible to escape. There are better options out there for people in Lima who are short on cash for unexpected expenses, but there are also many pitfalls.

Payday Loans in Lima
These loans really live up to their name… for the lenders, at least.

Payday loans got their name from the date that they are meant to repaid on: the borrower’s payday. Usually, all it takes to secure one of these loans is a post-dated check made out to the lender for the amount owed. On or after the borrower’s next payday, the lender cashes the check. Only, it’s rarely that simple, because the high interest rates that accompany payday loans make things far more complicated.

Back in 2008, Ohio lawmakers took it upon themselves to do something about predatory lending in the state. They passed a law that limited payday loans to $500 as well as capping their annual percentage rates (APRs) at 28% and mandating a minimum term of 31 days. Unfortunately, there were loopholes in this law that payday lenders were able to exploit — loopholes that were upheld by the Ohio Supreme Court in 2014.(2)

Today, the APR for an Ohio payday loan can be well over 600% and the payment term is often only 14 days long.(3) These problems extend to many online payday lenders as well.(4)

Borrowers in Lima would do well to stay away from payday loans, especially because there are better options available. If you would like more information or have a complaint against a payday lender in Lima, please contact the Ohio Department of Commerce, Division of Financial Institutions at (866) 278-0003 or the Consumer Financial Protection Bureau at (855) 411-2372.

Subprime Reports

See more local Ohio Subprime Reports below:
Akron Payday Loans | Canton Payday Loans | Cincinnati Payday Loans | Cleveland Payday Loans | Columbus Payday Loans | Dayton Payday Loans | Freemont Payday Loans | Lima Payday Loans | Springfield Payday Loans | Toledo Payday Loans | Youngstown Payday Loans


  1. “The Ohio Poverty Report: February 2016.” Ohio Development Services Agency, Research Office. Accessed February 19, 2016.
  2. Candisky, Catherine, Ludlow, Randy. “Court sides with payday lenders.” The Columbus Dispatch. Accessed February 17, 2016.
  3. “Ohio’s Payday Lending Landscape: New law, same old loans by Policy Matters Ohio.” Consumer Federation of America. Accessed February 17, 2016.
  4. “Fraud and Abuse Online: Harmful Practices in Internet Payday Lending.” The Pew Charitable Trusts. Accessed February 17, 2016.
  5. Mayeker, Ram. Zimmerman, Terry. “Consider Alternatives Before Obtaining Auto Title Loan.” Accessed February 17, 2016.
  6. “Chapter 4727: PAWNBROKERS.” LAWriter: Ohio Laws and Rules. Accessed February 17, 2016.
  7. Ohio Subprime Report

*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.