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Payday loan provider seeks modifications to Ohio pawn legislation to cut competition, raise loan rates

Payday loan provider seeks modifications to Ohio pawn legislation to cut competition, raise loan rates

A lender that is payday operates almost 1 / 2 of the pawn shops in Ohio would like to alter state legislation to get rid of competition for the stores and quadruple the amount that bad customers pay money for pawn loans.

Money America, which has Cashland pawn stores, would like to enhance the state limit on pawn loans from 5 per cent a thirty days to 20 per cent.

In addition, money America proposes restricting competition for pawn stores. A new pawn shop would be barred from opening within two miles of an existing pawnbroker in large cities like Cleveland, Columbus and Cincinnati. Read More