This letter in the Steubenville Herald Star gets right to the point:

The payday lending legislation approved by the House of Representatives hurts Ohio’s workers, consumers and the economy.

Let’s be clear: A 28 percent annual rate cap is a ban on payday lending. A 28 percent APR cap allows a fee of less than 8 cents a day, which is not enough to pay salaries and benefits, rent or other overhead costs.

What is at stake?

More than 6,000 jobs with benefits such as health care and retirement are on the line. What is more, a regulated short-term credit option will be ripped from the hands of Ohio consumers who will be forced to choose between less desirable and more expensive alternatives.

The hard reality is that employed, hard-working Ohioans sometimes fall short of cash between paychecks. It’s easy for people who have nothing to lose to call for a ban. Their jobs aren’t on the line and they have likely never used (or even needed) a payday advance. But let’s do the responsible thing. Let’s put in place laws that will help consumers, not hurt them by taking away choices. Ohio consumers deserve reform — not a ban.

Hundreds of employees have attended legislative hearings, and thousands have reached out to their representatives through e-mails, letters and phone calls. Nearly 30,000 customers have written letters, urging legislators not to take away a personal credit choice.

Unfortunately, the voices of employees and customers, the people that matter most, landed on deaf years in Ohio’s House of Representatives. We hope senators will listen.

Jamie Frauenberg

President of the Ohio

Association

of Financial Service Centers