Loan providers have actually circumvented Ohio legislation made to restrict payday financing, and also have started running under guidelines designed for other purposes. These loans place families that are struggling threat of losing the automobiles they rely on due to their livelihood.
Policy issues has carried out research on payday financing in Ohio during the last 5 years. Our initial research discovered that the payday financing industry grew from simply over 100 shops when you look at the mid‐1990s to significantly more than 1,600 shops in 2007, with shops in 86 of Ohio’s 88 counties. Ohio’s prior Check Cashing Lending Law to our concern, which legalized payday financing in 1996, had been that loan providers could charge a yearly percentage price (APR) of 391 %, $15 for each $100 borrowed. Read more