Several community groups rallied to show their support for a bipartisan bill they think is needed reform against predatory lending. The bill would cap the interest rate of payday lenders at 28% and close any loopholes around that cap.In spite of previous reforms, some of those loans have interest rates approaching 600%.Marsha Mockabee of the Urban League of Greater Cleveland recognizes the role these payday lenders can play.“But what we’re calling out is it has to be fair used in a way that is not predatory lending.”The bill was introduced earlier this year but has yet to have a hearing. A Pew Charitable Trusts study earlier this year found 1 in 10 adults has taken out a payday loan from the more than 650 operators in Ohio. Copyright 2017 The Statehouse News Bureau. To see more, visit The Statehouse News Bureau.
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Plan Would Take Payday Lending Interest Rates From As High As 600% to 28%
