Payday lenders close many Ohio offices

CINCINNATI (AP) — More than a third of the payday lending offices in Ohio have closed since the industry lost a November ballot fight to overturn restrictions on how much interest lenders can charge.

There were about 1,600 retail locations across Ohio when the new interest rules went into effect last year, state officials said. About 960 remain, and those are under fire from critics who want to enact even tougher rules beyond the 28 percent cap on interest.

Interest rates on payday loans used to range up to almost 400 percent when computed on an annual basis.