COLUMBUS, Ohio – The move to reign in payday lenders continues to spread, with the Ohio House this week approving a bill that would set the maximum allowable interest rate on payday and title loans in the state at 28%.
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The measure now goes over the Ohio Senate for its consideration.
The debate comes as New Hampshire just passed a 36% cap on payday and title loans and several other states are considering similar moves. Last year, the maximum rate on payday loans for military personnel nationwide was set at 36%.
