What’s next for Ohio lenders?
November 8, 2008 | Cincinnati Enquirer, Ohio, industry, media coverage, regulation, states | Comments (0)Well, according to this article, they’re in a state of flux:
Payday lenders say the rate limit enacted by the Legislature, signed into law by the governor and approved by voters as Issue 5 is too low for many of them to continue operating in Ohio. The new rate caps the interest for a two-week loan for $100 at about $1.08.
Their customary charge of $15 amounted to an annualized rate of about 391 percent.
Kenwood-based Check ‘n Go said it isn’t sure what lies ahead.
“We will continue to explore opportunities permitted under Ohio law to support our customers with financial products and to provide jobs for our associates,” spokesman Jeff Kursman said. The company has 71 stores across the state, including 12 in Greater Cincinnati. “Operating under the restrictions set forth in House Bill 545 is not an option.”
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