Banning payday advances delivers borrowers that are desperate to pawn shops

Banning payday advances delivers borrowers that are desperate to pawn shops

Until 2008, a cash-strapped consumer in Ohio looking for a fast, two-week loan from the payday lender will dsicover by themselves having to pay a hefty charge. These unsecured short-term loans—often secured with a post-dated check and seldom surpassing $500 at a go—carried yearly portion prices (APR) as high as nearly 400%, a lot more than ten times the conventional limitation allowed by usury rules. Continue reading Banning payday advances delivers borrowers that are desperate to pawn shops