Story in the Dispatch about the future of Payday lending
Date: Mon, 07/23/2007 - 05:08
Here is a story in the Columbus, Ohio newspaper about capping payday loans at 36%.
http://dispatch.com/dispatch/content/local_news/stories/2007/07/23/payday_talks.ART_ART_07-23-07_A1_T77BEPN.html
http://dispatch.com/dispatch/content/local_news/stories/2007/07/23/payday_talks.ART_ART_07-23-07_A1_T77BEPN.html
Florida limits PDLs to 10% and one per customer at a time. All t
Florida limits PDLs to 10% and one per customer at a time. All the lenders are connected to a network that shows if a person has an outstanding loan. Rollovers are not permitted. If a person defaults the Lender makes arragements. Companies like Amscot are flourishing in the state despite the laws. Putting caps in Ohio seems like a no brainer to me considering how well its worked here.
