Ohio payday loan law changes face political challenges

The payday industry has given significant campaign money. The difference between the percent cited in the report and the percent tweeted by Cordray is negligible. However, payday lenders found a loophole: While the typical loan is technically two weeks, in the majority of cases the borrower ends up in a cycle of loans for several months. Kirk Schuring, R-Canton, the No. Ohio is the only state where lenders operate under such a statute that was not intended for payday loans, said Alex Horowitz, senior research officer for Pew Charitable Trust's consumer finance project, which has researched payday laws in the states for many years.

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Ohio's payday lending law is one of the best in the nation when it comes to protecting consumers. Unfortunately, Ohio's payday lenders have found a loophole in the law, and as a result Ohio residents pay some of the highest payday loan rates in the country. Ohio is the only state where lenders operate under such a statute that was not intended for payday loans, said Alex Horowitz, senior research officer for Pew Charitable Trust's consumer finance project, which has researched payday laws in . Payday loan laws in Ohio. Status: Legal (Ohio Rev. Code Ann. et seq.).


According to some studies in rats, it can inhibit a fat producing enzyme called Citrate Lyase, making it more difficult for the body to produce fat out of carbohydrates (1). Other rat studies show increased levels of the neurotransmitter serotonin.

This could theoretically lead to reduced appetite and cravings (2).