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Ohio’s new cash advance legislation begins Saturday. What is changing and exactly what this means for your needs

Ohio’s new cash advance legislation begins Saturday. What is changing and exactly what this means for your needs

High prices can cause a financial obligation trap for customers whom find it difficult to settle payments and remove loans that are payday. One in 10 Ohioans has brought down a so named “payday loan,” typically where money is borrowed against a check that is postdated. But beginning Saturday, the conventional pay day loan will go away from Ohio, because of a law passed away last year designed to split down on sky high rates of interest and sneaky charges. It’ll be changed with “short-term loans” which have a longer loan repayment duration, a limit on interest and costs and limitations on what much could be lent.