Some Ohio Faith Leaders Pray For Payday Loan Reform
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.