OCLA-Ohio court lets payday loans stand

Patrick Crowley, principal of the Ohio Consumer Lenders Association, said its members comply with all state laws and regulations.

“This was clearly an isolated case with very unusual circumstances,” he said of the case that prompted the Supreme Court ruling, which centered on a two-week, $500 loan made to an Elyria man that imposed more than 235-percent interest. Rodney Scott didn’t repay the loan when it was due two weeks later, and Cashland sued him.

Read the full article from Cincinnati.com here.