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Ohio pay day loan clothes dropping to 200 as brand new legislation takes impact

Saturday

Payday financing as Ohio has understood it’s over, but lending that is short-term perhaps perhaps not going away.

A brand new legislation takes impact today with stricter limitations on interest and charges, plus installment payment demands, all built to avoid getting desperate borrowers stuck in a financial obligation trap.

Whenever finalized by then-Gov. John Kasich on July 30, the payday industry warned it can place them away from companies, making those without old-fashioned banking options nowhere to show for crisis credit. (more…)