The number of payday lending stores licensed in Ohio continues to grow, from 107 locations in 1996 to 1,638 locations in 2007, a more than fourteen-fold increase since 1996. Fees in Ohio are usually $15 for every $100 borrowed for a two-week period, which amounts to an annual percentage rate of 391 percent. The study also used testers to visit payday lending stores, finding that all 36 stores visited charge the maximum interest rate and fees allowed by current Ohio law. An analysis of an average family budget confirmed that low-income families had little opportunity to pay a loan back with the high interest rate and short pay back schedule. The report recommends an interest rate cap on payday loans.

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