A payday loan is an excellent choice for short-term financial needs, but high interest rates or fees and short repayment times make it difficult for borrowers to repay the loan on time. Borrowers in Ohio who encounter such difficulties need not worry, because a new payday loan law in Ohio will prevent them from defaulting on their loans.
Online payday loans will be replaced by short-term loans with interest rate and fee restrictions and longer repayment periods. Ohio’s new payday loan law differs from the standards and regulations established by other states.
What does the new payday loan law include?
New laws, regulations and standards include:
How will the new law affect borrowers?
The new payday loan law contains the following provisions to help borrowers:
This new Ohio payday loan law will help Ohioans fall into a debt cycle.
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