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COLUMBUS — Montgomery County had the fourth highest number of payday lenders in the state with 89, according to a study on payday lending stores. The top three counties were Franklin, 189; Cuyahoga, 163; and Hamilton, 125.

Less populated counties have a greater number of lenders per capita, the study said. Of the 10 counties with the highest concentrations, not one is a large urban county. Belmont County had the highest concentration, with 3.56 lenders for every 10,000 people.

Sixty-eight Ohio counties — including Butler, Clark, Darke, Greene, Miami, Montgomery and Warren — have more than one payday lender per 10,000 people, the study said.

Two Cleveland-based groups, Policy Matters Ohio and the Housing Research & Advocacy Center, conducted the study.

The study comes as the House Financial Institutions, Real Estate and Securities Committee continues to hold hearings on three bills to regulate the industry. Committee Chairman Chris Widener, R-Springfield, said so far he has not seen a consensus for any bill.

With fees usually totaling $15 for every $100 borrowed for two weeks, the annual percentage rate is 391 percent, according to the study.

Ohio's credit unions offer a cheaper alternative to payday lenders under a program called StretchPay. The interest rate is 18 percent on 30-day loans of $250 or $500. To borrow under StretchPay, you must be a member of a participating credit union. An account can be opened with a $5 deposit.

Participating credit unions include Wright-Patt, Day Air, Affinia Federal, FirstDay Financial Fed and Incenta Federal.

Launched in the Dayton area in 2006, StretchPay now has locations in five states, including 27 in Ohio.

Patrick Harris, a spokesman for the program, said it has saved its members $3 million in interest so far. Members also receive financial education and how to avoid the payday lending trap, he said.

Contact this reporter at (614) 224-1608 or whershey@DaytonDailyNews.com.