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Ohio House Approves Revised Payday Loan Crackdown

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The Ohio House Tuesday approved Senate changes to a bill cracking down on the payday lending industry. 

The bill caps interest rates, limits fees and bars loans with terms of less than 30 days. Payments on loans of 90 days or less may not exceed 7 percent of a borrower's monthly net income, or 6 percent of gross income. Fees and interest may not be more than 60 percent of the loan's original principal amount. Ohio has some of the highest payday loan rates in the nation. The bill now goes to Governor John Kasich. 

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