November 9, 2015
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.