The Ohio Christian Alliance is urging voters to vote “no” on Nov. 4th and allow payday lending to continue in Ohio.
What people who oppose payday lending won’t tell you is that if the rates get capped at 28%, no one will be getting a cash advance. Banks will use overdraft fees to replace payday loans. The Ohio Christian Alliance probably realizes that having an option is better than having zero options.
Read the full aritcle here.
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One response to “Payday lenders helped by Ohio Christian Alliance”
It’s too bad that the Ohio Christian Alliance didn’t pay attention to the myriad of other endorsements of individuals and groups of faith of the YES VOTE on Issue 5. It appears that the OCA doesn’t think that 391% APR interest amounts to usury. The payday industry has been exempt from Ohio’s usury laws since 1996 and trapped millions of borrowers in debt. Vote yes on issue 5 for lower interest rates!