The Columbus Dispatch writes that there are over 1000 payday lenders operating in the state of Ohio.
The article is incorrect in it’s assessment that interest over 28% is being charged on these loans. The APRs are over 28%. Regardless, some consumer advocacy groups are asking the state to change the small loan and mortgage acts to include a 90 day minimum term.
Don’t think that they’re trying to get rid of cash advances. Banks are offering payday loans at APRs above 28% as reported by PDL Industry back in November.
It would be nice if they mentioned this in the article.
