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Problems with payday loan 'solution'

By DAVID HANSEN - Buckeye Institue President
There appears to be an orchestrated effort across the country to essentially shutdown the payday loan industry.

Legislation offered in various states, including H.B. 333, currently under consideration in the Ohio General Assembly, all feature a similar set of regulatory changes, like a cap on payday loan interest rates at around 36 percent, restricting the number of loans that can be obtained in a year, and prohibiting loan origination fees.

Ohio legislators should take a pass on H.B. 333.

Payday loans are one choice out of many financial options for individuals to obtain a loan.

The loan is money provided as an advance on a working person's paycheck and the loans in Ohio are regulated by the superintendent of financial institutions.

Current law in Ohio requires that a payday loan not exceed $800 and have a duration of no longer than six months. Most lenders in Ohio charge $15 per $100 borrowed for two weeks.

This works out to a 15-percent interest rate, not the compounded 391 percent rate claimed by the sponsors of H.B. 333.

If would only be possible for the borrower to incur an interest rate of 391 percent if he or she were taking the loan for a year. To get a payday loan, a consumer must have a checking account, so they are already familiar with banking and therefore are not among the population of "unbanked."

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