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Checkless Payday Loans

Let me make it clear about we are in need of cash advance reform now

Let me make it clear about we are in need of cash advance reform now

Tom Stephenson – Guest columnist

We collected with a small grouping of Clinton County clergy and elected officials last October for a meeting with Speaker for the Ohio home Cliff Rosenberger to talk about the urgent significance of payday lending reform. He informed our team the he had been focused on handling the predatory methods of this industry which could charge customers as much as 591 per cent in interest and costs!

We shared the ways by which abusive, unaffordable loans seriously harm the finances and everyday lives of y our congregants and community that is fellow. The minute through the conference that we remember most vividly is when Speaker Rosenberger stated that 28 % interest is “by the means nevertheless quite high,” talking about the price cap which was passed away because of the Ohio legislature and authorized by Ohio voters in 2008.

The issue is payday financing organizations that run in Ohio have not followed that legislation.