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 proposed bipartisan piece of legislation, House Bill 123, would reform 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.
Upon the passage of HB 123, House Bill 123 co-sponsor Rep. Kyle Koehler shared his deep thanks with all coalition members and supporters. Here is his message:
“Representative Ashford and I could not have accomplished this without the support of the many members of the coalition. You will never know the impact you had on other legislators, but especially this joint-sponsor of House Bill 123. To know you were standing with me was sometimes all my legislative aide and I had to hold onto. On June 14th of last year, I stood in the Statehouse atrium with many of you and spoke of a David versus Goliath battle. Thank you for believing in a victory when very few others on Capital Square did. This victory was nothing short of miraculous.”
July 10, 2018: Payday reform advocates elated with Ohio Senate approval of reforms: Bill protects vulnerable Ohioans, preserves payday lending in Ohio with fairer terms and cuts exorbitant borrowing costs that will pump money back into state economy
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