COLUMBUS, Ohio (AP) — An Ohio lawmaker says she wants to reform payday lending in the state after a report found that such loans are more expensive in Ohio than anywhere else in the country.
Republican Rep. Marlene Anielski tells Cleveland.com (http://bit.ly/2icuvR0 ) she plans to work on payday loan reform in early 2017.
Anielski says lawmakers are considering establishing rates and repayment periods that are viable for lenders but fair for borrowers.
A payday loan, or a cash advance, is typically $500 or less. Borrowers provide a personal check dated on their next payday for the full balance or give the lender permission to debit their bank accounts.
Research from the Pew Charitable Trusts indicates that a $300 payday loan in Ohio costs, on average, $680 in interest over five months.
Information from: cleveland.com, http://www.cleveland.com