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Trapped in Debt: The Growth of Payday Lending in Ohio: February 2007
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Date added: 06/16/2008 |
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The number of payday lending shops in Ohio catapulted from 107
locations in 1996 to 1562 locations in 2006, a more than fourteen-fold increase
in a decade, according to this report from Policy Matters Ohio and the Housing
Research and Advocacy Center. The report finds that payday lending shops are now
more common than McDonalds, Burger King and Wendy's restaurants combined in
Ohio. Once concentrated in troubled urban centers, payday lending locations have
now become ubiquitous across the Ohio landscape, appearing in all but two Ohio
counties. The high-interest, high-fee loans pushed at these locations often lead
borrowers into a destructive cycle of debt. The report ends with recommendations
to rein in this disturbing form of credit.
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The Continued Growth of Payday Lending in Ohio: March 2008
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Date added: 07/29/2008 |
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This report
provides updated information on payday lending and check cash lending locations in Ohio and nationwide
that have exploded in the past decade. These shops offer short-term, high-interest
loans against a future paycheck. Fees in Ohio are usually $15 for every $100
borrowed for a two-week period, which amounts to an annual percentage rate of
391 percent. This study from the Housing Research Advocacy Center and Policy
Matters Ohio analyzed data on Ohio payday lending locations from the Ohio
Department of Commerce.
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Research
