Payday Loan Limits May Cut Abuse but Leave Some Borrowers Looking

Payday Loan Limits May Cut Abuse but Leave Some Borrowers Looking

Payday Loan Limits May Cut Abuse but Keep Some Borrowers Searching

CANTON, Ohio — This town of 73,000 is renowned for some things — the Pro Football Hall of Fame, the presidential collection of William McKinley, a downtown that is lively scene.

However in banking groups, it offers gained an even more distinct reputation: Canton is really a nexus of this payday financing industry, by which individuals who have difficulty making ends satisfy from a single paycheck towards the next sign up for high-interest loans from specialty loan providers.

On 30th Street, a half-dozen payday lending outlets encircle a popular shopping mall, and also at lunchtime they draw a stable audience of clients. Continue reading