From our sister publication Columbus CEO: Learn how the state's latest crackdown on predatory lending could play out in 2019.

Bob Miller did what many struggling Ohioans do when faced with a cash crisis: He got a payday loan. Three years ago, after successfully paying off two other short-term loans, the Newark resident decided to get a third, securing $600 from an online lender to cover a car payment.

Miller, however, failed to read the fine print of his loan, which charged him an annual percentage rate around 800 percent. In comparison, a typical credit card’s APR is about 12-30 percent. Miller, 53, fell behind. His car was repossessed as his loan’s exorbitant interest rates turned his life upside down. “Who can afford that?” Miller says, sitting in his apartment, which is filled with Ohio State Buckeyes and patriotic decorations. It is tidy and comfortable, though furniture is sparse. He lounges on a loveseat and his dog, Bevo, is large enough to sit on the ground and lay his head on Miller’s leg. “It was so easy to get [the loan], though, because you’re online,” Miller says.

Continue reading at Columbus CEO.