95% of those polled favor reforms that cap interest rates as proposed in recently introduced legislation
Among other results, the poll, done by
- 62% of Ohioans polled have an unfavorable impression of payday lenders.
- 78% said they favor more regulations for the industry in
Ohio, which has the highest borrowing rates in the nation for the short- term loans.
- 95% said they believe the annual interest rate on payday loans in
Ohioshould be capped at rates lower than what is now charged, while 80% said they would support legislation that caps the interest rate on payday loans at 28% plus an allowable monthly fee of up to $20.
A bipartisan bill – HB123 – was recently introduced in the
“This poll reinforces the strong belief that Ohioans who use these short term loan products are being harmed by an industry that charges borrowing costs that are obscenely high and unwarranted,” said Rep. Koehler. “The Ohio Legislature needs to pass our recently introduced legislation that would result in much fairer costs for Ohioans who choose to use these products in the future.”
The poll shows that negative views of the payday loan industry in
- Independents, 59%
In 2008, the
Rebuffed at the ballot, the payday loan industry then found loopholes in the new law that allow them to ignore it, despite the strong mandate from
“The time has come to enact fair reforms on the payday loan industry in Ohio,” said
HB123 has now been referred to the
A summary of the poll can be viewed here: http://www.wparesearch.com/ohiopaydaylending/
For Ohioans for Payday Loan Reform
Source: Ohioans for Payday Loan Reform