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Check 'n Go said Tuesday, Nov. 11, it will close 36 stores in Ohio in response to a law that caps the interest rate payday lenders can charge on short-term loans.
The move means Cincinnati-based Check 'n Go's stores will cut its roster of Ohio stores in half in the coming months and eliminate 75 jobs, the company said.
Jeff Kursman, a Check 'n Go spokesman, said the company hasn't stated publicly which stores it will close. The company operates stores in Dayton, Cincinnati, Fairfield, Lebanon, Middletown, Springfield and Troy, but it was unclear which stores will be shuttered.
Earlier this year, state legislators passed House Bill 545, which caps the interest rates on payday loans at 28 percent, rather than the 391 percent interest payday lenders have been charging on short-term loans. On Nov. 4, Ohio voters approved a ballot measure upholding these limits.
In a Nov. 11 news release announcing the closures, Doug Clark, the company's chief operating officer, said Check 'n Go cannot operate under the new law.
The chain's remaining Ohio stores will offer other financial services permitted under state law, as well as check-cashing services, prepaid MasterCards and other products.
"We feel like we have a commitment that we've made to our customers and as importantly, to our employees, our associates to do everything in our power to continue to operate," Kursman said.
Check 'n Go operates 1,300 stores in 31 states.
Another payday lender, Cash America, which operates under the Cashland nameplate, said on Nov. 5 it will close 43 stores in Ohio and eliminate 150 jobs because of the law change.
Source: http://www.daytondailynews.com/s/content/oh