Big Payday Loan Victory in Ohio
Wednesday, September 24th, 2008The Ohio Ballot Board voted in favor of payday loan companies this week when they voted against interest related language that was to be placed on a ballot. The language would outline what could be charged on a loan, 390% or more. Anyone familiar with how a payday loan works knows that the cash advance is short term, so traditional means of calculating interest such as APR, don’t apply since most loans are paid back in 2 weeks. The panel concluded that allowing the language to be included was prejudicial.