A Primer on Ohio’s Payday Lending Problem
Some people may believe that Ohio solved its payday loan crisis several years ago. In fact, it’s only gotten worse.
In 2008, the legislature passed a bill that capped interest rates on payday loans. Ohio voters voted 2:1 to approve the measure at the ballot. Unfortunately, lenders exploited a loophole in the legislation allowing them to dramatically increase the fees they charge. Interest rates increased from an average APR of 391% before the reform, to the astonishing 591% it is today.
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