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Though payday lending is legal as per Ohio payday loan laws, lenders are strictly prohibited from charging extremely high rate of interest on short-term cash advances.
The Ohio Supreme Court on Wednesday upheld a loophole in state law allowing payday loan lenders to operate outside of restrictions imposed on them by lawmakers in 2008.
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Five years ago, Ohio dealt what critics hoped would be a death blow to the payday-lending industry — passing a law to ban short-term, high-cost loans, then crushing Installment loan contract form
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