Catholic Conference of Ohio
Friday, February 23, 2018

Issues - Catholic Conference of Ohio

Payday Lending

 

The teachings of our faith provide many warnings about usury and exploitation of people. The Catholic Conference of Ohio has supported past state initiatives that sought to protect the working poor and all Ohio consumers from the spiraling indebtedness caused by payday lending. Lending practices that, intentionally or unintentionally, take unfair advantage of one’s desperate circumstances are unjust.

Action Alert on Payday Lending Legislation

Catholic Conference of Ohio encourages support for HB 123

The Catholic Conference of Ohio supports continued reform of Ohio’s payday lending practices. House Bill 123 provides consumer protections consistent with the intent of Ohio’s 2008 Payday Reform Act. HB 123 will help protect borrowers from excessive payday lending fees while allowing lenders to maintain reasonable cost-of-business fees. Please contact your state Representative and encourage a YES vote.

Ohioans for Payday Loan Reform Plans Lobby Day and Rally

November 1, 2017, Statehouse 10 am - 2 pm

Payday loans in Ohio are the most expensive in the nation, with an astounding typical annual percentage rate (APR) of 591%. These short-term, high-priced loans can trap hardworking Ohioans in a cycle of debt. However, a proposed bipartisan piece of legislation, House Bill 123, would reform the payday lending market making it more fair and affordable.

Ohioans for Payday Loan Reform, is a group of like-minded Ohioans from the consumer, veterans, business, and faith communities committed to fighting for reforms to protect borrowers and boost our state’s economy. Payday loan reform will save hard-working Ohioans more than $75 million a year.

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