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Cleveland to Limit Payday Loan Shops (FOX 8 Cleveland) |
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While the state tries to cap the interest rates on short-term "payday" loans, the city of Cleveland is moving to limit the number of payday lenders.
Payday lending in voters' hands (video) (Zanesville Times Recorder)
This spring, the state passed House Bill 545, which lowered the interest payday lending establishments are allowed to charge to 28 percent and set a loan maximum of $500. If Issue 5 were to fail, the 28 percent cap would no longer be applicable.
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