Posted November 20, 201312:56 pm
The Cleveland Plain Dealer reports on the lastest news about "Cash America" -
Cash America is involved in two significant battles in Ohio, including a legal case that could decide whether the state"s lending laws are enforceable by the courts.
Cash America"s Ohio Neighborhood Finance arm, which operates Cashland stores here, contends it can use other lending statutes to dodge the state"s Short Term Lending Act, a 2008 law that caps interest rates on short-term loans to 28 percent.atoledo
Payday lenders - who make high-cost, short-term loans against a consumer"s next paycheck - collectively ignore the 2008 law and routinely charge triple-digit interest.
Cash, which lost two rounds in lower courts, will theoretically be arguing on behalf of the entire industry when it faces off against Cleveland Legal Aid lawyers in front of the state Supreme Court next month.
Cash America is involved in two significant battles in Ohio, including a legal case that could decide whether the state"s lending laws are enforceable by the courts.
Cash America"s Ohio Neighborhood Finance arm, which operates Cashland stores here, contends it can use other lending statutes to dodge the state"s Short Term Lending Act, a 2008 law that caps interest rates on short-term loans to 28 percent.
Payday lenders - who make high-cost, short-term loans against a consumer"s next paycheck - collectively ignore the 2008 law and routinely charge triple-digit interest.
Cash, which lost two rounds in lower courts, will theoretically be arguing on behalf of the entire industry when it faces off against Cleveland Legal Aid lawyers in front of the state Supreme Court next month.
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