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Loophole hurts cash advance borrowers in Ohio

Loophole hurts cash advance borrowers in Ohio

Despite 2008 reforms, Ohioans continue steadily to spend a few of the most high priced loan prices in the united states, Pew Charitable Trust research programs.

Large number of economically susceptible Ohioans simply take away high-cost, predatory loans every year. These loans have actually rates of interest therefore high that borrowers may never ever be in a position to spend them right back, trapping numerous borrowers within an unending period of debt.

A Pew Charitable Trust study shows despite 2008 reforms in Ohio which placed a cap on payday loan interest rate at 28 percent, Ohioans continue to pay some of the most expensive loan rates in the country.