Ohio Payday Rates has changed

WHHHOOOOOOOOOOHOOOOOOOOO!!!!!!!!

I just heard, looks like we are going to win!!!

Does this take effect immediately or the beginning of next year? What happens to storefront and internet pdls that were already defaulted on before this passed?

I know a couple of stores in my town have already closed down :D

I'm not sure when this will take into effect. It was to start back in July and thats when the PDL companies appealed the law. I read in an article a few weeks ago, over 1,000 stores have filed licenses with Ohio Commerence for the new regulations.

I have called around to a few of the payday loan companies and guess what? they aren't going away. They are no longer offering loans under the licenses they previously had that fell under the H.B. 545 law. They are now licensed under the Small Loan Act, which basically means the fees and interest charges will only be slightly small than they charged before !

Go figure --- you would have thought these lawmakers would have known about this great loophole.

I do not know the specifics of the "micro loan", but my guess is that you will see most of them try with this product and then close doors in a very short time unable to cover expenses.

Be patient, soon all of the legal sub-prime lending options will be gone due to restrictions. When there are no more options, who will loan money to "high risk" customers? Not the banks, not the credit unions, not the finance companies, there will be no one left, but the internet.