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

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

High prices can make a financial obligation trap for consumers whom find it difficult to settle payments and sign up for payday advances. Wochit

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

But beginning Saturday, the conventional pay day loan will recede from Ohio, because of a legislation passed away last year meant to split straight straight down on sky-high rates of interest and sneaky charges.

It’s going to be changed with “short-term loans” which have a lengthier loan payment duration, a limit on interest and costs and restrictions on what much may be lent. The modifications are predicted to truly save Ohioans $75 million a year. Continue reading Ohio’s new cash advance legislation begins Saturday. What exactly is changing and just exactly what this means for you