Myth!

If you signed a contract with a bank or finance company, the 8% limit (R.C. 1343.01) rarely applies to professional lenders. According to MSH Associate Theo Kelly, the 8% limit is a general baseline that rarely applies to banks, credit unions, finance companies, or car dealerships. “Nearly every professional lender has permission from the state and federal legislatures to charge more than Ohio’s default 8% cap.”

MSH can help you navigate the legal nuances of contracts and loans. Call any time with questions, 614-224-1222, or schedule a conversation.