Ohio’s new cash advance legislation begins Saturday. What is changing and just what this means for you personally

Ohio’s new cash advance legislation begins Saturday. What is changing and just what this means for you personally

High prices can cause a financial obligation trap for customers whom find it difficult to settle payments and sign up for pay day loans.

One in 10 Ohioans has had away an alleged “payday loan,” usually where cash is lent against a check that is post-dated.

But beginning Saturday, the payday that is traditional will recede from Ohio, as a result of a legislation passed away last year designed to break straight straight down online payday loans oxf on sky-high rates of interest and sneaky fees.

It’ll be changed with “short-term loans” which have a longer loan repayment duration, a limit on interest and charges and restrictions on what much could be lent. Continue reading “Ohio’s new cash advance legislation begins Saturday. What is changing and just what this means for you personally”