Ohio Gov. Ted Strickland has signed into law the new limits on payday lending services in that state.
The Columbus Dispatch reports today that several payday lending businesses expect to close their Ohio locations, including Check into Cash, which has sites in the Toledo area.

The ConsumerMan column at MSNBC gives a recap of Ohio’s payday lending debate, putting it into national context, at Short term loans are a long-term headache.
One of the facts mentioned in the article is that Michigan, in 2005, was the most recent state to permit payday lending practices.
A snippet:
According to a December 2007 report from […]

If you use payday lending services in northwest Ohio, or have been following the headlines as a payday lending law is working its way through the Ohio legislature, be aware that Check Into Cash and Cash America have both recently announced plans to close their Ohio locations.
News coverage:

Columbus Dispatch in Columbus.
The News-Messenger in Fremont, Ohio.
The […]

One of the recurring arguments in favor of payday loans is that the fees are cheaper than bounced checks. (See the May 14 letters to the editor section in The Toledo Blade regarding the payday loan debate in Ohio.)
Yes, a bounced check is a big problem. The bank fees, which are nasty, are problem enough. […]

It’s just a matter of details now. Ohio’s payday lenders appear doomed.
The Columbus Dispatch reports today the Ohio Senate has followed the Ohio House of Representatives in approving strict new rules on the industry.
A snippet:
“I think everybody said there is just no way to redeem this product. It’s fundamentally flawed,” Bill Faith, a leader of […]

Here’s a few more headlines regarding the debate in Ohio about payday loan services

May 10 letter in Columbus Dispatch: Payday loans cheaper than alternatives.
May 10 story in Columbus Dispatch: Key senate Republicans reject payday lenders’ plan.
May 11 editorial in The Toledo Blade: No to legal loan sharks.
May 13 article in Cleveland Plain Dealer: Payday lenders […]

I watch Toledo TV news, so I’m seeing some of the marketing campaign that the Ohio payday loan industry has put on the air in recent weeks. The campaign is an attempt to battle efforts at the state level to restrict their business. (May 6 Columbus Dispatch story)
One of the ads I saw this morning […]

My co-worker Charles Slat focused his Sunday column for the May 11 edition of The Monroe Evening News on payday loans.
It’s fair to say Charles and I seem to have different opinions on whether payday loans are a necessary service, but he does make this interesting point:
… If legislators want to characterize payday loan companies […]

We’re close enough to the Ohio border, and the news headline has popped up on Toledo TV that some of us Monroe residents watch, that I think Monroe on a Budget’s local readers will want to be aware of this debate in Columbus:
The Columbus Dispatch reports today: 2,500 protest at Statehouse against payday-lending restrictions.
A snippet:
The […]

Military.com has been reporting on the new limitations that took effect Oct. 1 regarding payday loans, vehicle title loans and tax refund anticipation loans that come out of military paychecks. This change applies to active-duty personnel, but some of you reservists have been, or will be, on active duty status from time to time.
Financial stability […]