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Personal loans in Sherwood, OH

In Sherwood, a personal loan turns a one-time expense into predictable monthly payments, and the rate you get depends on your credit, income and debts. Sherwood has a Census-estimated population of 811, ranking 568th among the 924 Census places in Ohio. The table below carries the Ohio rate caps and licensing rules that apply to a personal loan taken out here.

By the Personalloaned Editorial Team · Last updated 2026-09-16

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Sherwood at a glance

  • Population: about 811, 568th by size in Ohio of 924 places (Census Vintage 2023 subcounty estimate).
  • 2020 Census base: the 2020 Census recorded 804 residents here (US Census Bureau).
  • 2020 to 2023 change: up about 0.9% from the 2020 Census base to the 2023 estimate (US Census Bureau).
  • Rank among Ohio places: 568th out of 924 Census places (US Census Bureau).
  • Size percentile: larger than about 39% of the Census places in Ohio (US Census Bureau).
  • Coordinates: 41.2920 latitude, -84.5481 longitude (US Census Bureau Gazetteer).
  • Nearest larger cities: Defiance, OH (9 mi); Paulding, OH (10 mi); Hicksville, OH (11 mi); Bryan, OH (12 mi); Antwerp, OH (12 mi) — straight-line distances, US Census Bureau populations.
  • Smaller places nearby: Cecil, OH (6 mi); Ney, OH (6 mi); Broughton, OH (14 mi), per US Census Bureau estimates.

What a personal loan costs in Sherwood

A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.

The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.

Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.

Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.

Ohio lending rules that apply in Sherwood

The sourced rows below are the rules a licensed lender must follow when lending in Ohio, and therefore in Sherwood.

RuleDetailSource
State lending regulatorOhio 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 statusLegal 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
Small-loan / installment lender licensingConsumer 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

How to compare offers in Sherwood

The steps below are worth completing first when you borrow in Sherwood:

  1. Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
  2. Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
  3. Pre-qualify with at least three lenders and compare the APR, not the interest rate.
  4. Check that the lender is licensed in Ohio using the regulator named above.
  5. Read the disclosure for origination fees and any prepayment penalty before you sign.

Common questions

Frequently asked questions

Can I get a personal loan with bad credit in Sherwood?
Yes, but expect a higher APR and possibly a smaller amount. Lenders that serve borrowers with lower scores are licensed statewide, so your options in Sherwood are the same as elsewhere in Ohio.
How much can I borrow with a personal loan in Sherwood?
Loan amounts are set by each lender and depend on your income, credit and existing debts, so we do not quote a range we cannot source. The Consumer Financial Protection Bureau explains how lenders assess an application, and our personal loan calculator will model the payment for any amount before you apply.
Does a personal loan in Sherwood require collateral?
Unsecured personal loans do not require collateral. A secured loan, such as a home-equity or auto-secured loan, does — and it puts the pledged asset at risk if you default.
Will shopping for a loan in Sherwood hurt my credit?
Pre-qualification usually uses a soft credit pull that does not affect your score. A full application triggers a hard inquiry, which may lower your score by a few points temporarily.

Nearby places

Where these figures come from

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