I’m a little shocked to learn that after the state of Ohio tries to put payday lenders out of business, they allow banks to offer payday loans above the 28% legal limit.
Why didn’t this information come out before the election?
You don’t fill a credit gap by putting an entire industry out of business.
Comments
2 responses to “Banks offering payday loans in Ohio”
Wow, how do the banks get away with that if payday lenders can’t?
Because the banks are federally regulated, and payday lenders aren’t. It happened in Oregon as well, although they are “direct deposit” advances. It’s ridiculous!