Payday loan shops find fertile ground in county’s low per capita income landscape
By CARL E. FEATHER - Lifestyle Editor - cfeather@starbeacon.com Star Beacon
“It’s not the borrower who pays the price at the end of the day,” he says.
Several bills are under consideration in Ohio to limit payday lending. Faith says COHHIO supports H.B. 333, which would limit the interest rate to 36 percent APR. The Ohio Legislature exempted the payday loan business from established maximum usury rates. COHHIO also supports lending models that allow for smaller installment payments, rather than an impossibly large single sum.
As a state, Ohio has one of the highest numbers of payday loan storefronts. In Ashtabula County, on average, a new storefront has opened every year since 1996.
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