Banning payday advances delivers borrowers that are desperate to pawn stores

Banning payday advances delivers borrowers that are desperate to pawn stores Until 2008, a cash-strapped consumer in Ohio looking for an instant, two-week loan from a payday lender will dsicover on their own having to pay a fee that is hefty. These unsecured short-term loans—often guaranteed with a check that is post-dated seldom exceeding $500 at a go—carried yearly portion rates (APR) as high as nearly 400%, significantly more than...

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