COLUMBUS, OH (July 27, 2018) - A new bipartisan bill passed in Ohio prohibits loan interest rates and fees from exceeding 60 percent of the original loan, as well as ensuring that monthly payments do not surpass seven percent of monthly income.
Ohioans pay some of the highest rates for payday loans, with average interest rates over 500 percent.
“HB 123 provides a fix to a loophole that has allowed predatory lenders to rig the system against working Ohioans,” said state Representative Michael Ashford, one of the bill’s sponsors. “These protections put money back into the pockets of consumers and gives them a chance to get a fair deal for an opportunity to get ahead.”
