Payday Loan Limits May Cut Abuse but Leave Some Borrowers Searching

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

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

A half-dozen payday lending outlets surround a popular shopping center, and at lunchtime they draw a steady crowd of customers on 30th Street. During the Advance America store, Martin Munn stopped in recently along with his daughter that is young to their biweekly banking: Nearly every payday, he cashes their check, takes care of their final loan in complete and removes a unique one against their next paycheck.

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