The Jan. 18 Dispatch article “Supporters, opponents clash over payday lending regulations” included comments from the chief executive officer of payday lender CashMax-Ohio that rejected data about the payday loan industry from many research entities, including The Pew Charitable Trusts.
Our research is clear: Ohio payday lenders are charging the highest rates in the nation for small, short-term loans, and Ohio borrowers have the fewest protections in the country. That’s why Ohio military veterans, civil-rights advocates, business leaders and clergy members spoke out at a legislative hearing last month to support reform of the state’s payday-loan laws.
They implored the General Assembly to enact House Bill 123, a sensible, bipartisan measure that preserves consumer access to small loans while ensuring lower costs. This legislation allows these loans to continue, but in a form that is safer and more affordable for consumers while enabling a larger variety of lenders to compete in the marketplace.
Without H.B. 123, payday lenders will continue to charge Ohio residents four times what they charge in other states.
The Pew Charitable Trusts