Payday Loans in Ohio
Posted on Sunday, July 12th, 2009 at 3:02 pm in Cash Loan Info by State
On the month of May, in 2008, the Ohio State Legislature had passed a law regarding the payday loans in that state. The state law of Ohio gives to all the citizens of Ohio, the right to take advantage of the various payday loan schemes that are being authorized by the state administration.
So, if you are a resident of the state of Ohio, then you must have already taken advantage of the various loan schemes under the payday loans that are in offer in the state. Under the new law, the maximum interest rate that a lending company can take from the borrower is 28%. No lending company can go beyond this limit, no matter what the circumstances are. The rates were as high as 391% annually and many of you may have well paid that much of interest to the lending company. According to the law, you can take a payday loan amounting to $800 and the maximum period is 31 days. The law also permits the lender to take processing fees of $15 per $100 that it lends to the borrower.
In Ohio the payday loan schemes are gaining popularity ever since the interest rates have come down. There has been a significant increase in the number of lending outlets and the companies are taking less than 24 hours to hand over the loan to the applicants. The lending companies have been increasing the number of outlets, so that they can come near you, and serve you in a better way. At present there are more than 1400 lending outlets all over the state of Ohio and the number is increasing every day.
Initially, all the types of payday loans were available to the residents of Ohio. But slowly, the lenders started to reduce the bouquet of products due to some unknown reason. It is not yet known what lead to the reduction of the available choices, but the fact is that now, you will have far less choice when you go out to take a payday loan in Ohio. This reduction in the array of services has given rise to a complicated situation. Many residents of Ohio now prefer to take the services of payday loan providers based in other states, where they get more choices and benefits too.
But industry sources reveal that the situation may get better soon. They say that the lending companies providing services in Ohio may launch many of the popular products very soon.
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