Despite having one of the best-crafted payday lending laws in the nation, Ohioans are still paying triple-digit interest rates on payday loans. This report confirms initial findings that payday lenders in Ohio are deliberately circumventing the new Ohio Short-Term Loan Act, which among other protections instituted a maximum 28 percent annual interest rate on loans. All payday lenders surveyed continue to make loans due on the borrower's next payday, which is typically less than or equal to fourteen days away. This is not in compliance with the Short-Term Loan act, which guaranteed borrowers at least 30 days to pay back loans and established other consumer protections to keep borrowers out of the debt trap.

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