Hundreds Expected To Rally To Save Payday Lenders
Posted: 6:25 pm EDT May 5, 2008Updated: 8:46 pm EDT May 5, 2008
COLUMBUS, Ohio -- Leaders from Ohio’s payday loan industry, as well as employees and supporters of the companies, are expected to rally in Columbus on Tuesday.Ohio lawmakers are trying to pass a bill to cap interest rates at 28%, along with other consumer protection measures.The bill has already passed in the House and hearings will begin in the Senate on Tuesday.Those in the payday loan industry say this cap will cause their businesses to close and for 6,000 people to lose their jobs.Local supporters of the industry say they need the stores to stay afloat, financially, in these hard economic times.However, advocates of the poor say these companies take advantage of people.The rally is scheduled for Tuesday, May 2, at the State Capital Building in Columbus.
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