Cashland Locations Closing After Payday Loan Defeat

DAYTON, Ohio -- It's been less than a day since voters decided to keep payday loan restrictions in Ohio, and already Cash America has announced plans to close.

Cash America operates most of the Cashland stores in the Miami Valley.

Corporate officials said the outcome of the ballot issue means the company will close one-third of its lending locations, that's more than 40 businesses.

The majority of voters here in Ohio chose to keep the restructions, putting a cap on the amount of interest payday loan companies can charge customers.

Cash America said that means 150 employees will lose their jobs in Ohio and the Dayton area.

Source: www.whiotv.com/