Loan providers have actually circumvented Ohio legislation made to restrict payday financing, and also have started running under rules designed for other purposes. These loans place families that are struggling danger of losing the automobiles they be determined by with their livelihood.
Policy issues has carried out research on payday financing in Ohio going back five years. Our initial research unearthed that the payday financing industry grew from simply over 100 shops when you look at the midвЂђ1990s to significantly more than 1,600 shops in 2007, with shops in 86 of OhioвЂ™s 88 counties. OhioвЂ™s prior Check Cashing Lending Law to our concern, which legalized payday financing in 1996, ended up being that loan providers could online payday loans Arizona residents charge a yearly portion price (APR) of 391 %, $15 for almost any $100 borrowed. Continue reading