Published on Sunday, March 17, 2019 at 09:47 Join AFP’s more than 100,000 followers on Facebook Buy an AFP subscription Subscribe to AFP podcasts on itunes and Spotify News, press releases, letters to the editor: [email protected] Advertising inquiries: [email protected] Payday loans are the most popular short-term loans in the world, …

Until 2008, a cash-strapped customer in Ohio seeking a quick two-week loan from a payday lender could find themselves paying high fees. These unsecured short-term loans – often secured by a post-dated check and rarely exceeding $500 at a time – carried annual percentage rates (APRs) of up to nearly …