Community rallied to show their support for a bipartisan bill they think is needed to slow predatory lending in Ohio.
would cap the interest rate of payday lenders at 28 percent and close any loopholes around that cap. In spite of previous reforms, some of those loans have interest rates approaching 600 percent.
Marsha Mockabee of the recognizes the role these payday lenders can play.
鈥淏ut what we鈥檙e calling out is it has to be fair used in a way that is not predatory lending,鈥� says Mockabee.
The bill was introduced earlier this year but has yet to have a hearing. earlier this year found 1-in-10 adults has taken out a payday loan from the more than 650 operators in Ohio.
