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In Ohio, Lenders Ignored Speed Caps And Continued To Issue Pay Day Loans Under Mortgage Or Other Lending Licenses Which Were Never Ever Created For That Function.
“By 2008, it became clear, even to Ohio’s legislators, that payday advances, while profitable for loan providers, had been toxic for borrowers. So a bipartisan band of legislators revoked the exemption and created the Short Term Lending Act, which outlawed two-week loans and interest that is capped at 28 %. Continue reading “Ohio. Mortgage brokers or Credit Provider Companies”