{"id":12315,"date":"2009-04-16T17:20:40","date_gmt":"2009-04-16T17:20:40","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/lenders_thwart_ohio_law_intended_to_limit_high_interest_on_payday_loans\/"},"modified":"2009-04-16T17:20:40","modified_gmt":"2009-04-16T17:20:40","slug":"lenders_thwart_ohio_law_intended_to_limit_high_interest_on_payday_loans","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=12315","title":{"rendered":"Lenders Thwart Ohio Law Intended to Limit High Interest on Payday Loans"},"content":{"rendered":"<p>An Ohio law intended to cap interest rates on payday loans at 28 percent has been thwarted by lenders who have found ways to charge up to 680 percent interest, according to lawmakers who are preparing a second round of legislation.<\/p>\n<p>The law, the Short-Term Loan Act, was enacted last spring and upheld in a statewide referendum in November. It decreased the maximum annual interest rate to 28 percent, from the previous 391 percent. Loans typically had terms of two weeks and were secured by a postdated check and proof of employment.<\/p>\n<p><a href=\"http:\/\/www.nytimes.com\/2009\/04\/16\/us\/16ohio.html?ref=us\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An Ohio law intended to cap interest rates on payday loans at 28 percent has been thwarted by lenders who have found ways to charge up to 680 percent interest, according to lawmakers who are preparing a second round of<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=12315\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,582,149,593],"tags":[],"class_list":["post-12315","post","type-post","status-publish","format-standard","hentry","category-economics-politics","category-consumerconsumer-spending","category-economy","category-personal-finance"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/12315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12315"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/12315\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}