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Lenders Thwart Ohio Law Intended to Limit High Interest on Pay Day Loans

Lenders Thwart Ohio Law Intended to Limit High Interest on Pay Day Loans

CINCINNATI В— An Ohio legislation meant to cap rates of interest on payday advances at 28 per cent happens to be thwarted by lenders who possess discovered how to charge as much as 680 % interest, based on lawmakers who will be preparing a 2nd round of legislation.

What the law states, the Short-Term Loan Act, had been enacted spring that is last upheld in a statewide referendum in November. Continue reading Lenders Thwart Ohio Law Intended to Limit High Interest on Pay Day Loans