Keys for Collateral: exactly how auto-title loans have become another car for payday financing in Ohio

Keys for Collateral: exactly how auto-title loans have become another car for payday financing in Ohio

Loan providers have actually circumvented Ohio legislation built to restrict payday financing, and also started running under regulations designed for other purposes. These loans put families that are struggling chance of losing the cars they be determined https://cash-central.com/payday-loans-ga/mcdonough/ by because of their livelihood.

Policy issues has carried out research on payday financing in Ohio for the past 5 years. Our initial research discovered that the payday financing industry expanded from simply over 100 shops into the mid‐1990s to a lot more than 1,600 shops in 2007, with shops in 86 of Ohio’s 88 counties. […]