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Cleveland Heights votes on regulations for payday loan lenders

Posted on September 23rd, 2014 No Comments

The city council in Cleveland Heights on September 2 votes on a resolution to lift a temporary ban on payday loans, and another resolution that would appeal to the state legislature to cap interest rates on these types of loans, Cleveland.com reported.

According to reports the city council will request the state’s lawmakers to require payday loan companies to strictly follow the Short-Term Loan Act (STLA). The request was sought at the time the council may be forced to lift the moratorium that temporarily prevented payday firms to operate with a mortgage lending license, allowing them impose interest rates of as much as 390 percent. If loan companies are regulated under STLA, they may only charge a maximum of 28 percent interest.

Sadly, the lawyers at Ryan J. Ruehle, LLC understand that many people are heavily burdened by loans acquired through payday loan lenders. In this frustrating situation, our lawyers may possibly offer you legal advice to help you manage your debts. Learn more about your options from us today by calling (513) 621-0999.

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