Loan providers have actually circumvented Ohio legislation built to restrict payday financing, and have now started running under guidelines meant for other purposes. These loans place families that are struggling danger of losing the automobiles they rely on for his or her 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 expanded from simply over 100 shops within the mid 1990s to a lot more than 1,600 shops in 2007, with shops in 86 of Ohio s 88 counties. Our nervous about Ohio s prior Check Cashing Lending Law, which legalized payday financing in 1996, ended up being that loan providers could charge a yearly percentage price (APR) of 391 %, $15 for every single $100 lent. (more…)