Ohio Late Fee Calculator
Calculate late fees and interest on overdue invoices in Ohio — pre-set to the state's 7% statutory default rate.
Late fee rules in Ohio
Statutory interest rate
Floating: the federal short-term rate (rounded to the nearest whole percent) plus 3%, reset each October 15 for the following calendar year — 7% for 2026. The same rate applies before and after judgment unless a written contract sets a different rate.
Ohio Rev. Code § 1343.03(A); rate mechanism in § 5703.47
Can you charge more? (contract & caps)
For business-to-business debts the contract effectively controls: Ohio's nominal 8% usury ceiling (§ 1343.01) has broad exceptions for written instruments over $100,000 and business loans, leaving commercial late fees governed by the contract, subject to the liquidated-damages reasonableness doctrine.
Prompt payment rules
The Ohio Prompt Payment Act (§ 4113.61) requires contractors on private construction to pay subcontractors and suppliers within 10 days of receiving payment or owe 18% per annum plus attorney fees — remedies that cannot be waived by contract.
Worth knowing
Ohio's statutory rate is not a fixed number — it resets every calendar year via the Tax Commissioner's determination, so always confirm the current year's rate.
This page is general information, not legal advice. Statutory rates change — some reset annually or quarterly — and how they apply depends on your contract and situation. Verify current rates against the cited statutes or consult a lawyer before charging interest.
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