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Payday Loan Limits May Cut Abuse but Keep Some Borrowers Searching

CANTON, Ohio — This city of 73,000 is renowned for some things — the Pro Football Hall of Fame, the presidential collection of William McKinley, a downtown that is lively scene.

However in banking sectors, this has gained an even more reputation that is distinct Canton is a nexus of this payday financing industry, for which individuals who have difficulty making ends satisfy from a paycheck towards the next sign up for high-interest loans from specialty loan providers.

On 30th Street, a half-dozen payday lending outlets encircle a popular shopping mall, and also at lunchtime they draw a stable crowd of customers. During the Advance America store, Martin Munn stopped in recently together with his daughter that is young to their biweekly banking: Nearly every payday, he cashes their check, takes care of their final loan in full and removes a brand new one against their next paycheck. Continue reading