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Some Ohio Faith Leaders Pray For Payday Loan Reform

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Ohio Public Radio
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Faith leaders came to the Statehouse Wednesday to speak out on payday lending.  Ohio Public Radio's Karen Kasler reports.

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

 

Troy Jackson of Cincinnati’s anti-poverty program the Amos Project led the group in prayer for movement on a bill on payday lenders. The last payday lender crackdown passed in 2008. This bill has bipartisan sponsorship, and would cap interest rates at 28%, and monthly payments at 5% of the borrower’s monthly income. Ohio’s payday lenders charge the highest rates in the nation, and polls show Ohioans want more regulations on them. But payday lenders say they provide a needed service and that their satisfied customers are aware of the costs. The bill’s Republican sponsor says he hopes to bring all interested parties together for a meeting about the bill next week.

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