Provides borrowers more hours to pay for straight back loans helping produce less expensive little loans

Arguments in benefit

The following reasons were provided meant for Referendum 5 by a committee appointed by the Ohio Ballot Board: 2

“ Is 391% interest too much? YES.

A yes vote caps the yearly interest on a pay day loan at 28%. Payday loan providers don’t just like the interest limit. They wish to charge 391% APR on an average two-week loan. That’s why the national lending that is payday invested millions on deceptive television advertisements and petition circulators to obtain Issue 5 from the ballot.

Here’s exactly what a Yes vote on Issue 5 does:

  • Keeps the 28% interest limit.
  • Forbids loan providers from recharging 391% APR on an average loan that is two-week. Continue reading