Ohio’s brand new payday loan legislation is right here

By Melissa Martin

There are about 650 payday financing stores in Ohio—that’s 650 way too many in my experience. But search loan providers!

A unique loan that is short-term (House Bill 123) is preparing to get in place this thirty days. The point is always to assist Ohioans stuck in the period of financial obligation whenever loans that are small with fees and interest—making payback difficult. HB 123 closes the exploited loophole while making certain borrowers continues to get access to credit.

“Ohio positively could have less shops providing payday advances, and none is anticipated to provide car name loans” relating to a 2019 article into the Columbus Dispatch.

Under HB 123 ( legislature.ohio.gov.), the Fairness in Lending Act sets needs on loans:

Loans may not be more than $1,000. Beneath the area of law payday loan providers actually have no restrictions as to how much they could loan. Continue reading