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New Research Reveals Results Of Old Law Governing Ohio Pay Day Loans

Brand brand New research that is academic the consequences of just one state’s efforts to ban pay day loans.

An economics paper by Stefanie R. Ramirez associated with University of Idaho, posted into the log Empirical Economics in March 2019, appears in to the effectation of Ohio’s loans that are payday.

Significantly more than a decade ago, Ohio restricted pay day loan interest to 28 per cent. The Short-Term Loan Law, enacted in November 2008, limits interest that is annual effortlessly banning pay day loans into the state.

Now, Ramirez says, as the legislation did flourish in its objective of banning pay day loans, it resulted in cash-strapped customers with woeful credit searching elsewhere for the short-term, low-dollar loan. Continue Reading →