Payday Loan Stores Closing in Ohio
The payday loan industry is looking at other business options in Ohio after losing a ballot fight to overturn tough restrictions on interest rates it can charge costumers.
Consumer advocates are concerned that the lenders are trying to find a way around the election results by offering loans under other Ohio laws.
Lenders say they are simply searching for ways to meet consumer demand for short-term loans. They warn that Ohio's restrictions will hurt business and force them to close stores.
Cincinnati-based Check'n Go said Tuesday it will close 36 of its 71 Ohio stores, eliminating as many as 75 jobs.
Cash America International Inc., based in Forth Worth, Texas, is closing 43 of its Cashland locations in Ohio, affecting about 150 workers.