When does Ohio PDL Rate change? Answer below

Ryan,

I just read the link you posted and I would just like to add that it is very obvious that Cashland is trying to stay in business. I noticed the link had said they are trying to add other services such as "pawnshop." Well, don't you know, I rode past a Cashland store today in my town and I noticed outside on their sign, it had said, "we now buy gold."

Yes --- they are staying in business just like all the other payday lenders. The only exception is they will no longer be affiliated as a payday lender to the H.B. 545. They now have new licensing under the Small Loan Act which essentially the fees are not much lower than the Payday loans.

I guess that the lawmakers should have inquired further with the loopholes such as this.

Others that have the new licensing is Check N Go, Check Into Cash, Purpose Money (First American Cash Advance) and I am sure that there are more.

I found this on the internet...

"The Small Loan and Ohio Mortgage Loan acts let lenders charge a $15 origination fee on loans of up to $500, and $30 for loans above that amount, in addition to annual interest of 28 percent for the Small Loan Act and 21 percent for the Ohio Mortgage Loan Act. The fee remains the same whether the loan is $50 or $500, so they're less profitable as the loan amount grows.

Still, under the Small Loan Act, a two-week, $200 loan would incur fees and interest charges of $17.16, which equates to an annual percentage rate of 223 percent. "