Ohio’s new loan that is payday begins Saturday. What is changing and what this means for you personally

Ohio’s new loan that is payday begins Saturday. What is changing and what this means for you personally

High prices can make a debt trap for customers whom battle to settle payments and sign up for loans that are payday.

One in 10 Ohioans has had down an alleged “payday loan,” usually where cash is lent against a check that is post-dated.

But beginning Saturday, the payday that is traditional will go away from Ohio, compliment of a legislation passed last year meant to break straight down on sky-high rates of interest and sneaky costs.