The Dayton Daily News reports that Governor Strickland has signed the payday loan cap previously mentioned here.

Industry spokesmen have said payday lenders won’t be able to make enough to stay in business and that the bill will wipe out 6,000 jobs.

Strickland and others said they believe credit unions, faith-based organizations and others will step in to provide short-term loans under the new system.

If credit unions and faith-based organizations felt they could assume the high risk of payday loans, they would have already done so. I find it more likely that evictions and bankruptcies will go up as the last resort of credit dries up.


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