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Ohio Justices: Payday Loans Legal Despite 2008 Law

Scales of Justice
The Ohio Supreme Court ruled Wednesday the state's mortgage laws allowed an Ohio payday lender to charge an Elyria man 235-percent interest rate on a short term loan.
2:43PM
June
11, 2014

In a victory for payday lenders, the Ohio Supreme Court ruled Wednesday that a two-week loan to an Elyria man that imposed more than 235-percent interest is not prohibited under Ohio’s mortgage lending laws.