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,” said Ohio state Representative Kyle Koehler. “Ohio had the highest-priced payday loans in the nation. Now it has among the lowest.”
In this video, borrowers, state elected officials, and advocates explain how states can reform payday lending practices to help consumers access affordable loans with guaranteed protections and safeguards.
Learn more about payday lending