Big bucks, governmental muscle tissue on display in payday financing clash

Big bucks, governmental muscle tissue on display in payday financing clash

By Laura A. Bischoff, Cox Magazines

COLUMBUS, Ohio — Payday financing stores dot the landscape of Ohio’s little towns, residential district strip malls and inner-city thoroughfares.

To know one side tell it, they offer their customers — many with bad credit — much-needed usage of fast cash for emergencies and everyday costs.

To know one other side tell it, they use the bad by billing the interest rates that are highest in the nation.

One part employs a army that is small of lobbyists and provides heavily to governmental promotions.

One other part, the only pushing reforms, has less resources that are financial does not want to back off.

“David did not stay the opportunity against Goliath but we understand whom won that battle,” stated the Rev. Carl Ruby of Springfield, that is leading a coalition and only home Bill 123, which demands major reforms for the payday financing industry. “we realize we believe that this is a case where right will triumph over might that we are up against a Goliath, but. We will try everything in our capacity to expose those people who are cashing in from the situation by standing within the method of HB 123.”

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