Toledo Blade: Ohio’s payday lenders shift gears
The shake-out from Ohio’s new payday lending rules is starting to emerge.
The Toledo Blade reports today that New payday loan products are reaction to vote, 79 Ohio sites to close.
A snippet:
As expected, some in the so-called payday loan industry have announced they will close a combined 79 stores in Ohio after the passage of a state ballot issue that meant payday loan interest rates were capped at 28 percent.
But several lenders, including those that will close stores, are launching new types of loans that carry origination fees. Others will focus on other services to maintain revenues.
Check through the Monroe on a Budget archives under keyword payday loans for previous posts on this topic. There have some pretty interesting discussions in recent weeks on the comment boards.
Posted: November 13th, 2008 under In the News, Payday loans.
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