The facts are indisputable: It’s time to reform payday lending in Ohio.
Payday loans in Ohio are the most expensive in the nation, with an astounding typical annual percentage rate (APR) of 591%. These short-term, high-priced loans can trap hardworking Ohioans in a cycle of debt. However, a recently passed bipartisan piece of legislation, House Bill 123, reformed the payday lending market making it more fair and affordable.
We are Ohioans for Payday Loan Reform, a group of like-minded Ohioans from the consumer, veterans, business, and faith communities committed to fighting for reforms to protect borrowers and boost our state’s economy. Payday loan reform will save hard-working Ohioans more than $75 million a year.
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