Cash Pay Advance

In the report titled The Continued Growth of Payday Lending in Ohio , authors David Rothstein of Policy Matters Ohio and Jeffrey Dillman of the Housing Research & Advocacy Center analyzes data on the 1,638 payday lender or check cash lending shops from the Ohio Department of Commerce and family budgets and uses information gathered by shoppers at payday loan locations to piece together a picture puzzle of an industry whose services come at a steep high price, both in terms of exorbitant interest rates charged and the insidious affect borrowing even small amounts can have on individuals and families. With two bills bill pending in the Ohio House , one backed by the industry (HB 337) that would not lower the maximum interest rate but would offer borrowers a one-time extended payment plan and the other (HB 333) that would lower the maximum annual percentage rate from 391 percent to 36 percent, two senators, one Republican and one Democrat, say they will introduce their own co-sponsored bill to