PayDay Loans

Payday lenders in Ohio, who want to reverse a new state law regulating imposing a 28 percent limit on the interest they may charge, have finally received the go-ahead to collect signatures on a referendum. But the state attorney general is warning that if the referendum should pass, discrepancies between the petition and the law could cause legal confusion. In fact, it appears that if the payday measure passes, two different numerical limits on the interest in such loans would be enshrined in state law.