Bridgeport is a small village located in the Belmont Count in Ohio. The village is situated along the Ohio river from Wheeling, West Virginia. As of 2010 the total population here was only 1,800. Interestingly the village is also known as “gateway to the west”. The economic situation of the village is not the best with about 12% of the families being below the poverty line and a total of 16% people being below the poverty line. The average income per household here is about %25,000.
With such widespread inequality and poverty present in the village there is always a high demand for short term cash loans. Earlier the borrowers used to be stuck in a debt trap but this situation has improved a lot after the new rules adopted by the State of Ohio. According to the rules, no one can borrow more than $1,000 at a time as a payday loan and they can’t be charged more than 28% APR and 60% as fees and interest. You also won’t be able to borrow if you have more than $2,500 as debt. And you get a minimum time of 91 days to repay the amount. The maximum term for a payday loan has been set to a year.
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