payday lenders

Andy Chow / Statehouse News Bureau

After months of sitting in limbo, an Ohio House bill to crackdown on skyrocketing payday lending interest loans might see some movement. The next step is to evaluate the lasting outcomes.

In spite of previous reforms, some payday loan interest rates have approached 600 percent. A bill that would cap rates at 28 percent got its first committee hearing last week. Republican House Speaker Cliff Rosenberger says there are some sticking points to work out.

Kyle Koehler
KAREN KASLER / STATEHOUSE NEWS BUREAU

A bipartisan bill that would crack down on Ohio’s 650 payday lenders has received its first hearing in the House. 

photo of Jon Husted and Mike DeWine
WIKIMEDIA COMMONS

Here are your morning headlines for Thursday, November 30th:

payday loans protest
ANDY CHOW / STATEHOUSE NEWS BUREAU

Community groups rallied to show their support for a bipartisan bill they think is needed to slow predatory lending in Ohio. 

The bill would cap the interest rate of payday lenders at 28 percent and close any loopholes around that cap. In spite of previous reforms, some of those loans have interest rates approaching 600 percent.

Photo of Troy Jackson
Karen Kasler / STATEHOUSE NEWS BUREAU

The issue of faith comes into state politics in issues such as abortion and health care. But faith leaders came to the Statehouse today to speak out on another issue that hasn’t seen much action in nearly a decade – payday lending. 

“Lord, we cannot imagine a Heaven where Your will includes poverty profiteering.”