Wed Oct 15 2008

Ohioans can permanently end exploitation by voting "yes" on Issue 5.

Here is a little bit of history: In bipartisan votes, the Ohio General Assembly last spring capped payday loan APRs at a 28 percent annual rate. Gov. Ted Strickland signed the cap. Payday lenders have taken the question to the ballot as Issue 5.

A "yes" vote would cement in place Ohio's new 28 percent APR cap on payday loans. A "no" vote would let payday lenders keep charging Ohioans APRs of up to 391 percent.

To protect themselves, and especially the poor, Ohioans must show that they're not fooled. They should vote "yes" on Issue 5, thus keeping the cap.

Source:: auroraadvocate.com/news