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For more information contact:
Cleveland City Council
Katherine Bulava Samsa, Media Relations Manager
(216) 857-7362 |
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| Council opposes unfair payday loan practices |
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Cleveland City Council will introduce a resolution encouraging the Ohio legislature to adopt legislation to create consumer protections against high cost payday loans and in support of The Ohio Coalition for Responsible Lending's efforts in this area.
Payday loans cost Ohioans millions of dollars in excessive fees annually because of interest rates up to 391% of original loans and the practice of flipping small cash advances into long-term, high cost loans. These practices create high debt situations for many families and trap people into a cycle of chronic borrowing.
Cleveland City Council is opposed to these unfair payday loan lending practices and statewide legislation is needed to curb such abuses. |
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Cleveland City Council
601 Lakeside Avenue
Room 220
Cleveland, OH 44114
(216) 664-2840
(216) 664-3837 fax
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