Ohio Sets Cap on Payday Loan Interest Rates
June 10, 2008 | From the field | Community & Economic Development, Impact Investments

Ohio Governor Ted Strickland signed legislation that will cap interest rates on payday loans to 28 percent, compared with current rates that approach 400 percent. MacArthur grantee the Center for Responsible Lending provided technical assistance, research, and strategy guidance to the nonprofit Ohio Coalition for Responsible Lending, which led the three-year campaign for the law. The Center for Responsible Lending is associated with the Center for Self-Help, a long-time borrower from MacArthur's Program-Related Investments.

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