Parma Heights at a glance
- Population: 20,431 (US Census Bureau, Vintage 2023 subcounty estimate), the 83rd-largest of 924 places in Ohio.
- 2020 Census base: the 2020 count put the population at 20,846 (US Census Bureau).
- 2020 to 2023 change: about 2.0% below the 2020 Census base (US Census Bureau).
- Rank among Ohio places: 83rd in population of 924 places (US Census Bureau).
- Size percentile: it is larger than about 91% of the places in Ohio (US Census Bureau).
- Coordinates: it sits at 41.3834, -81.7613 in the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Parma, OH (2 mi); North Royalton, OH (5 mi); Strongsville, OH (6 mi); Lakewood, OH (7 mi); Cleveland, OH (8 mi) (US Census Bureau).
- Nearest smaller towns: Middleburg Heights, OH (3 mi); Brook Park, OH (3 mi); Brooklyn, OH (4 mi) — US Census Bureau populations.
What a personal loan costs in Parma Heights
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Ohio lending rules that apply in Parma Heights
The Ohio rate caps and licensing rules that reach Parma Heights are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Consumer finance licenses required for non-depository lenders, including Consumer Installment Loan Act lenders, General Loan Law lenders, short-term lenders, and small loan lenders. Source says: "We issue and manage licenses for companies and individuals under multiple Ohio statutes." (page's regulated-statutes list names Consumer Installment Loan Act lenders, General Loan Law lenders, Short-term lenders, Small loan lenders). | Ohio Department of Commerce - Division of Financial Institutions as of 2026-09-16 |
| State lending regulator | Ohio Department of Commerce, Division of Financial Institutions (Consumer Finance Section). Source says: "The Consumer Finance Section is responsible for regulating non-depository consumer lenders and related consumer finance businesses." | Ohio Department of Commerce - Division of Financial Institutions as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 8% per annum maximum by written agreement for the general case; higher rates permitted only in specified cases (e.g., principal over $100,000, business loans, certain mortgages). Source says: "may stipulate therein for the payment of interest upon the amount thereof at any rate not exceeding eight per cent per annum payable annually" (Ohio Rev. Code 1343.01(A)). [codes.ohio.gov content retrieved via search-engine fetch of the official section; direct connections blocked from our network] | Ohio Laws (Ohio Revised Code - official state publication) as of 2026-09-16 |
| Payday lending status | Legal for licensed short-term lenders; interest capped at 28% per annum; total fees and charges capped at 60% of the originally contracted loan amount. Source says: "(A) Interest not exceeding a rate of twenty-eight per cent per annum" (Ohio Rev. Code 1321.40); total fees/charges capped at "a total amount of fees and charges that exceeds sixty per cent of the originally contracted loan amount" (1321.403). | Ohio Laws (Ohio Revised Code - official state publication) as of 2026-09-16 |
How to compare offers in Parma Heights
Here is a short checklist for comparing personal loans in Parma Heights:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Ohio using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.