Arguments in benefit
The following reasons were provided meant for Referendum 5 by a committee appointed by the Ohio Ballot Board: 2
|вЂњ||Is 391% interest too much? YES.|
A yes vote caps the yearly interest on a pay day loan at 28%. Payday loan providers donвЂ™t just like the interest limit. They wish to charge 391% APR on an average two-week loan. ThatвЂ™s why the national lending that is payday invested millions on deceptive television advertisements and petition circulators to obtain Issue 5 from the ballot.
HereвЂ™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