Yesterday, our executive director, Nate Coffman was on In Focus with Mike Kallmeyer to talk about Ohioans for Payday Loan Reform and the statewide citizens initiative to get a ballot measure in November combating predatory lending in Ohio.
Payday loans in Ohio are the most expensive in the nation, with an astounding typical annual percentage rate (APR) of 591%.
Ten years ago, Ohioans voted by a nearly 2:1 margin to implement reasonable reform to the payday lending industry, but that language had a loophole, which allowed the predatory lending industry to go unchecked in Ohio.
On a federal level, the Consumer Finance Protection Bureau is continuing to drop cases regarding outrageous practices of payday lenders. That is why we need real reform now.