More than 1 million Ohioans have taken out high-cost payday loans. While Ohio voters passed a measure to cap the rates at 28%, primarily out-of-state companies now charge Ohioans 591% on average -- the highest annual percentage rate (APR) in the nation.
A reform effort is underway that would save Ohio families $75 million a year.
Ohioans pay prices that are up to four times higher than other states. 92% of Ohio voters agree that rates should be capped at a lower level.
By passing House Bill 123, Ohioans will continue to have access to money when they want it, with more time to repay, affordable payments and lower prices.
Make your voice heard today. With your help, we can foster a safe, efficient market for the loans in Ohio.
To Ohio Lawmakers:
More than 1 million Ohioans have taken out a payday loan. With a typical APR of 591%, Ohioans are charged the highest rates in the nation for these small loans. By fixing Ohio's laws we can reform payday loan products to make sure that they are safe. This will save Ohio families $75 million a year – money that would be better spent in our local community instead of being sent to out-of-state companies.
Borrowers end up in long-term debt because these loans have unaffordable payments. Ohioans who sign up for $300 typically pay more than $680 in fees over five months of the year. It doesn't have to be this way. Lenders charge people in other states far less.
I urge you to support HB 123. This bill will ensure that Ohioans continue to have access to credit, give borrowers more time to repay, and set reasonable interest rates.