Ohio Payday Lending Clones Still Charge Triple-digit Rates
Sheryl Harris of the Cleveland Plain Dealer reports that payday lending has not left Ohio yet. Here’s an excerpt from her article:
Last year, the state legislature voted to rescind the 12-year-old law that exempted payday lenders from the state’s usury laws – a vote Ohioans overwhelmingly supported in a bruising November referendum. … But a quick check of former payday loan stores shows that many continue to offer two-week loans with triple-digit APRs, just like in the old days.