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Banning payday advances delivers borrowers that are desperate to pawn stores

Banning payday advances delivers borrowers that are desperate to pawn stores

Until 2008, a cash-strapped client in Ohio looking for an instant, two-week loan from a payday lender will dsicover by themselves having to pay a hefty cost. These unsecured short-term loans—often guaranteed with a check that is post-dated seldom exceeding $500 at a go—carried yearly percentage prices (APR) all the way to very nearly 400%, significantly more than ten times the conventional limitation allowed by usury guidelines.

Then, 11 years back, their state stepped in to make such loans prohibitively expensive to provide.

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