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The Buckeye Burden: An Analysis of Payday and Car Title Lending in Ohio

November 9, 2015
Payday Loans
Policy & Legislation

This brief analyzes the payday and car title loan market in Ohio, where millions of dollars are drained out of low-income Ohioans' pockets and communities in the form of predatory loan fees. Key findings include:

  • There are 836 storefronts in Ohio that make payday or car title loans, the majority of which (59%) offer both forms of high-cost loans.
  • Payday and car title loans drain more than $502 million in predatory loan fees from Ohioans annually, twice as much as what payday loans drained in 2005.
  • Larger, longer-term payday and car title loans with triple-digit interest rates further expose Ohioans to the harms of unaffordable loans secured by their bank accounts and cars.

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