I Need A Payday Loan But I Have Other Outstanding Loans - Lenders say legislation could end payday loan industry - Sandusky Register
If the Senate passes the bill, payday lending stores such as Cashland would be limited on the amount they are allowed to charge for loans. House Bill 545, which recently passed through the state senate, would institute a 28 percent cap on annual percentage rates for payday loans — known for APRs exceeding 300 percent. Scott said there are no hidden costs or late fees in his industry — only a charge for insufficient funds if the company cashes a customer’s check after their payday and the check bounces. Suzanne Gravette Acker, spokeswoman for the Ohio Coalition for Responsible Lending, said payday lending products are designed to trap people least likely to afford them. With the State of Ohio laying off state employees themselves, why would the governor want to put so many companies out of business and so many people out of work to protect a few stupid people. Thankfully, as a result of pressures from the victims of payday lenders and their advocates such as the Center for Responsible Lending, the Diocesan Social Action Office, myself and others and, importantly, the bipartisan concensus reached in the Ohio Assembly to end the predatory lending practices of Ohio payday lenders means that families such as the one whom I encountered on that day last summer in front of a payday lending establishment can wipe their tears away knowing they will no longer be subject to the economic exploitation and oppression these payday lenders engage in against some of our state’s most vulnerable working citizens and families. Learn more
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