Ohio’s new payday loan legislation will be here. There are about 650 payday financing stores in Ohio—that’s 650 a lot of for me.

Ohio’s new payday loan legislation will be here. There are about 650 payday financing stores in Ohio—that’s 650 a lot of for me.

By Melissa Martin

But search lenders!

“Predatory financing is any financing practice that imposes unjust or abusive loan terms on a debtor. It’s also any practice that convinces a debtor to simply accept unjust terms through deceptive, coercive, exploitative or unscrupulous actions for the loan that a debtor does not require, does not wish or can’t afford.”

A fresh short-term loan legislation (House Bill 123) is able to get in place this thirty days. The purpose would be to assist Ohioans stuck in the period of debt when loans that are small with fees and interest—making payback difficult. HB 123 closes the loophole that is exploited making sure borrowers continues to get access to credit.

“Ohio positively could have less shops providing payday advances, and none is anticipated to provide automobile name loans” based on a 2019 article within the Columbus Dispatch.

Under HB 123, the Fairness in Lending Act places demands on loans:

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