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Ohio has greatest U.S. lending that is payday prices

Ohio has greatest U.S. lending that is payday prices

Regional officials are supporting efforts to restrict interest levels on advance or “payday” loans in Ohio, that are the best an average of into the nationa country — close to 600 per cent; 2 or 3 times greater than neighboring states.

Austinburg Township Fiscal Officer David Thomas, whom recently announced a 2018 bid when it comes to county auditor chair, has joined the Ohioans for cash advance Reform Coalition, which formed to get Ohio home Bill 123.

That bill — currently in committee into the Ohio Statehouse — modifies the Short-Term Loan Act of 2008, which capped interest levels at 28 per cent but additionally included a loophole enabling lenders to keep charging you whatever costs they need through another loan legislation.