Loans_Payday_loan » Topic: Payday Loan Advance Lending Company - Payday lenders preparing to close up shop - Bizjournals.com

May

31

Topic: Payday Loan Advance Lending Company - Payday lenders preparing to close up shop - Bizjournals.com

Filed Under Payday Loan Advance Lending Company | 

Louis San Antonio San Francisco San Jose Seattle South Florida Tampa Bay Washington, D. With new payday lending regulations a few short steps from becoming law in Ohio, some in the industry are moving to vacate the state as they vowed they would. The bill also limits consumer borrowing at $500 or 25 percent of base monthly pay per loan, restricts borrowing to four times per calendar year, and extends the term of a loan to 31 days from 14 days. Once Strickland signs the bill, it goes into effect in 90 days, meaning payday lending shops could see changes go into effect before September. That possibility was enough for Jim Pickard, who runs Columbus-based Heartland Cash Advance, to shift the company's Marion and Wooster stores into "no more new loans" mode and begin laying off customer-service representatives. While the legislature has been as vocal in its support of the legislation as industry opponents have been adamant about its implications, what remains hazy is the future of the small-loan product in the state. read more

[Tags]state, , days, lenders, ohio, san, payday loan advance lending company[/Tags]

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