Summary Box: Ohio Payday Lenders Look For Options
Thursday, 13 November, 2008
WHAT HAPPENED: Ohio voters upheld state law that caps annual interest rate on payday loans to 28 percent and limits the number of loans per customer to four a year.
WHAT PLANNED: Payday lenders are looking at other services like pawn brokering and gold buying, and turning to other Ohio laws for possible short-term loan alternatives.
SOME CONCERNED: Consumer advocates say they will look closely at lenders use of other laws and worry that lenders are trying to find ways around the election results.
Source: news.yahoo.com |
