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The Sound of Ideas

Payday Lending

Posted Tuesday, August 21, 2007

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OK, a $15 fee for every $100 borrowed might not sound like much at first, but that's what payday lenders are banking on. Do the math and it turns into a 391 percent annual percentage rate. Despite that, payday loans are popular. Lawmakers are debating new limits for the payday lending industry -- later this morning we'll talk about what works, what's fair and what else there is when you're trying to pay your bills. Join us at nine, on 90.3.

Tags

Government/Politics, Community/Human Interest

Guests

Bill Faith, Executive Director, Coalition on Housing and Homelessness
Darryl Dever, spokesman, Ohio Association of Financial Service Centers
Rita Haynes, CEO and manager, Faith Community United Credit Union

Additional Information

Policy Matters Ohio payday lending study
Community Financial Services Association on payday lending
Prosper.com

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Every weekday at 9:00 AM (EST), The Sound of Ideas reports the news, explains the news, and sometimes makes news. The Cleveland Press Club awarded it “Best Radio Show” in Ohio and thousands daily find it to be an indispensable source of information about what’s most important to Northeast Ohioans.

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