More than 1 million Ohioans have taken out high-cost payday loans. While Ohio voters passed a measure to cap interest rates at 28%, primarily out-of-state companies now operate through a loophole which allows them to charge unlimited prices, and loans can carry annual interest rates of 500% or more. 92% of Ohio voters agree that rates should be capped at a lower level.
A reform effort is underway that would do just that, saving Ohio families $75 million a year. By passing House Bill 123, Ohioans will continue to have access to money when they want it, with adequate time to repay, more affordable payments, and at fairer prices. Make your voice heard today. With your help, we can foster a safe, efficient market for loans in Ohio.
To find out more on how Ohio compares to other states, visit: http://www.pewtrusts.org/~/media/legacy/uploadedfiles/pcs/content-level_pages/fact_sheets/stateratelimitsfactsheetpdf.pdf