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An (updated) illustrated history of payday lending in Ohio: Plain working

An (updated) illustrated history of payday lending in Ohio: Plain working

The buyer Financial Protection Bureau is anticipated to propose rules that are new week which could finally reel in payday financing.

This history that is illustrated you everything you need to find out about the checkered reputation for payday financing and its particular uncanny success in thwarting state and federal regulators thus far.

Later 1980s to mid-1990s

Always Check cashers start offering customers loans against their next paychecks, guaranteed by the debtor’s postdated check. The loans are lucrative — and in most states, including Ohio — prohibited at $15 per $100, an annual interest rate of 391 percent. Read More