Media Coverage
Featured Articles:
Opinion: Ohio’s Fairness in Lending Act made a difference, but vigilance is needed
Source: Cleveland.com
In Shakespeare’s “Henry IV,” Falstaff complains how borrowing to pay his debts will never get rid of the problem – and the debt simply persists.
Payday lending law that took effect 5 years ago has saved Ohioans $300 million in interest, fees, advocates say
Source: Cleveland.com
Ohioans have saved over $300 million in fees and interest since April 27, 2019, when the final parts of the law went into effect, according to an analysis of Ohio Department of Commerce data conducted by one of the law’s advocates, the Ohio CDC Association, which works on community economic vitality.
New Laws, Lenders Boost Access to Affordable Small Loans
Source: Nerd Wallet
New laws have made payday loans safer in some states, and more banks are entering the small-dollar market.
Payday Loans Cost 4 Times More in States With Few Consumer Protections
Source: PEW Trusts
States that have enacted reforms preserved widespread access to credit
Ohio's payday loan law makes borrowing safer and protects consumers from greedy lenders
Source: Columbus Dispatch
A little more than three years following the passage of bipartisan payday loan reform, the Ohio Fairness in Lending Ac (2018), Ohio consumers have widespread access to safer, more affordable small-dollar loans, according to a recent Ohio Department of Commerce report.
Payday lending reform is working in Ohio: Michal Marcus
Source: Cleveland.com
BEACHWOOD, Ohio -- For years, the agency I lead -- the Hebrew Free Loan Association (HFLA) of Northeast Ohio, whose mission is to promote the economic self-sufficiency and growth of Northeast Ohioans who are unable to access safe and fair lending resources -- worked with hundreds of consumers stuck in a desperate cycle of trying to pay off outrageously expensive payday loans.