I cashland reviews wrote a short article about an upcoming Ohio vote in November that would keep the interest rate cap for payday loans at a really fair 28%. Our Governor stepped in a few months back, and stopped the crazy practice of these nice franchise companies charging 391% APR on payday loans.
Here is the article, and some rather colorful comments for your reading pleasure. Please feel free to add some more color .
Anyone need a loan.
If you do this, you wonвЂ™t miss anything!
About Joel Libava
IвЂ™m The Franchise KingВ®, Joel Libava. I’m an author and a franchise ownership advisor. I encourage you to subscribe to my free VIP Franchise Newsletter, so you can get my latest articles and helpful tips.
Payday loans are a great resource for quick cash when you need a little extra to get by until you obtain your next income. Many people use them to help cover an urgent situation cost or make up for too many surprising ones. The loans are offered quickly without the problem of showing a favorable credit score as with bank application techniques.
Except for the 25% interestвЂ¦they are wonderbar.
I wonder how many have used these loans. I certainly did. It was the only choice at the time. I needed cash right now. No bank will ever loan some one money who needs a few hundred dollars right nwo
David, Thank you for chiming in. So, if I understand you correctly, If I take out a payday loan, and decide not to pay it back right away, the interest charges donвЂ™t increase what I owe?