‘Payday’ loan rates still high

COLUMBUS — Payday lenders continue to charge triple-digit interest on short-term loans, despite actions by lawmakers last year to stop the practice.

That’s according to a study released Tuesday by Policy Matters Ohio, a Cleveland-based nonprofit that studies economic policy issues.

The group visited or called 69 payday lending stores in the state, seeking information about the interest rates and fees charged on their short-term loan products. Every location contacted is charging triple-digit interest — some topping 600 percent.

For more on this story, see Wednesday’s Vindicator.