Whack-a-mole: How payday lenders bounce back when states crack down

In 2008, payday lenders suffered a major defeat when the Ohio legislature banned high-cost loans. That same year, they lost again when they dumped more than $20 million into an effort to roll back the law: The public voted against it by nearly two-to-one. But five years later, hundreds of payday loan stores still operate in Ohio, charging annual rates that can approach 700 percent. It’s just one example of the industry’s resilience. In state after state where lenders have confronted unwanted reg...

Share this post