More waves in Ohio

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.

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