Reforming Payday Loans Can Save Consumers Billions

Reforming Payday Loans Can Save Consumers Billions

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Reforming Payday Loans Can Save Consumers Billions

Payday loan reform has saved consumers over $1 billion in interest and fees.

Unaffordable payday loans have negatively affected millions of people in the United States—often costing borrowers more than double the amount of their original loan. Since Colorado enacted payday lending reform in 2010, Ohio, Virginia, and Hawaii have followed.

For years “Ohio was the epicenter of payday lending abuse across the nation. Ohio had the highest-priced payday loans in the nation. Now it has among the lowest,” explains Ohio state Representative Kyle Koehler.

In this video, borrowers, state elected officials, and advocates explain why reforming payday lending practices in other states throughout the country can help consumers access affordable loans with guaranteed protections and safeguards.

Learn more about payday lending