Payday lenders fight consumer legislation — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Payday lenders fight consumer legislation

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Two payday lenders threatened to shut down operations in Ohio after the state Senate approved a bill that would limit consumers to four short-term loans per year and cap interest rates at 28%.

So-called payday lenders let customers borrow against paychecks at a rate of approximately $15 for every $100 on a two-week loan, the equivalent of 391% annual interest.

Employees of Cash America International and Cash Advance Centers, which employ a combined total of about 2,200 workers in stores throughout the state, rallied in May on the steps of the capitol with signs reading “28% APR = 6,000 Lost Jobs.” 

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