A battle is brewing over payday lending in Ohio. There are more than 650 storefronts in the state but the industry argues that a new bill threatens to shut them all down. However, consumer advocates say payday lending has been skirting around state law for years to prey on desperate borrowers.,Denise Brooks, a single mother from Cincinnati, was desperate to pay her car insurance bill. So she took out a loan from a payday lender.,Brooks says that loan only caused more problems.,“The payday lenders in many cases put these folks in a position where they’re entrapped and they can’t get out of their loan requirements.”,Crowley says stories like the one told by Denise Brooks are rare, adding that he takes issue with the accusation that payday lenders prey on the desperate.,A sizable customer baseAnd the industry has lots of customers in Ohio.
The Pew study says around a million people, or 1-in-10 Ohioans, has taken out a payday loan.,“They’re trying to scare people into believing that all access to emergency cash is going to go away if we impose any regulations at all and the data just shows that that’s not true.”,Critics note the payday lending industry is a prolific donor to political campaigns, giving more than $1.6 million in contributions in the last nine years.,A group is taking another swing at getting an issue on the ballot that would cap payday loan interest rates. The initiative was delayed after the attorney general’s office rejected the first set of petitions.,A citizens group is trying to put an issue on the ballot that would cap the interest rates of payday loans at 28 percent without the loopholes in current law.
The ballot measure is in reaction to lawmakers failing to move on a similar bill.
But House leaders say they’re ready to move forward.,Battle Brews Over Bill Set to Protect Consumers From Ohio Payday Loans By Andy Chow Apr 5, 2018,After a Long Delay, Ohio Lawmakers Plan to Announce a New Payday Lending Bill By Andy Chow Mar 5, 2018
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