The state of Ohio is managing to piss everyone off – lenders and consumer groups alike. They want to pass along $0.50 to the consumer. It’s a pretty flimsy rule b/c it includes loans less than 60 days long. Looks like CSO installment loans (61 days +) will be the new loan product.
You can read “Database that tracks payday loans tucked into Ohio’s budget” here.
It was worth reading this article for this comment:
If the state is gonna steal from every payday lending transaction, couldn’t they give it to an OHIO company!
