Hundreds To Lose Jobs When Payday Loan Company Closes

[cashlenders]

CLEVELAND -- Ninety-three Check Into Cash locations are set to close.The company offers payday loans.A recent bill passed by the Ohio Legislature will impose a 28 percent APR cap on payday loans, reducing the fee on a $100 loan to $1.08.The fees currently charged is $15 on a $100 payday advance, which is 391% APR.The closure will result in the job loss of 220 employees. About 143,000 square feet in office space will also become vacant.Officials did not provide a date for when the locations will close.