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Ohio Payday Lending Clones Still Charge Triple-digit Rates

March 9, 2009

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.

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