Widely differing viewpoints are emerging about the impact of a bill approved by the Ohio legislature to toughen the law on payday lending stores. Payday loan companies began popping up in Ohio in the mid-1990s and were located in working class neighborhoods. The current Ohio law allows payday lenders to charge a fee of $15 for every $100 borrowed for a term of 14-days. Rabenold said, “Consumers know exactly what the terms and costs and conditions are and they are choosing to use a payday advance company because their alternatives are more expensive – mainly check fees, late payment penalties to creditors and other related costs like damaged credit. DiNardo said many credit unions are offering similar products now, but with longer terms so people can afford to make payments out of their monthly income. Read More