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Posted On November 18, 2020 In Investigation With 38 Views

Let me make it clear about Court closes payday-loan loophole

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Let me make it clear about Court closes payday-loan loophole

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Ohio’s check-cashing companies discovered a loophole nearly instantly when you look at the Short-Term Loan Act, passed in June 2008, which put restrictions on short-term loans referred to as payday advances.

Payday lending is made from little loans with big rates of interest and plenty of costs, and its particular big company. In line with the Coalition on Homelessness and Housing in Ohio, in 2006 there were 183 lenders that are payday Franklin County alone that created more than $37 million in charges. (more…)

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