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Payday Lenders Close Offices In Ohio
More than a third of the payday lending offices in Ohio have closed since the industry lost a ballot fight in November.
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CINCINNATI (May 21, 2009)--More than a third of the payday lending offices in Ohio have closed since the industry lost a ballot fight in November, when voters approved a law that places a 28 percent cap on interest rates that used to range to almost 400 percent when computed on an annual basis.
State officials say there were about 1,600 retail payday-lending locations across Ohio.
Fewer than 1,000 remain, and those are under fire from critics who want to enact even tougher rules.
Payday lenders had said the limits enacted by the Ohio Legislature last year would put them out of business.
Fort Worth-based Cash America closed 24 of its Cashland stores after the law took effect, leaving it with 114 Ohio stores.
Check 'n Go, based in suburban Cincinnati, closed 44 of its Ohio stores, leaving it with 28.
