Posts Tagged 'high interest'

Court closes payday-loan loophole

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Ohio’s check cashing businesses found a loophole almost immediately in the Short-Term Loan Act, passed in June 2008, which placed limitations on short term loans known as payday loans.

Payday lending consists of small loans with big interest rates and lots of fees, and it’s big business. According to the Coalition on Homelessness and Housing in Ohio, in 2006 there were 183 payday lenders in Franklin County alone that generated over $37 million in fees. The average borrower takes out 12 ...

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