High rates can cause a debt trap for customers who find it difficult to settle payments and remove payday advances.
One out of 10 Ohioans has brought down a so-called “payday loan,” usually where cash is lent against a post-dated check.
But beginning Saturday, the payday that is traditional will recede from Ohio, as a result of a legislation passed away last year meant to split straight straight down on sky-high interest levels and sneaky fees.
It’s going to be changed with “short-term loans” which have a longer loan payment duration, a limit on interest and charges and restrictions as to how much may be borrowed. (weiterlesen …)
