Summary Box: Ohio payday lenders look for options
Thursday, November 13, 2008
- Share:
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.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Share:
