COLUMBUS, Ohio (BP) — Ohio’s new legislation managing payday financing can be an essential advance, however the church plays an essential part in assisting individuals who frequently become casualties associated with predatory industry, Southern Baptist pastor David Gray states.
Gov. John Kasich finalized into legislation 30 what some advocates have described as a model for the country in addressing abuses by lenders who often draw poor people into a debt trap by charging exorbitant, and often misleading, interest rates july.
A lender may portray an interest rate as 15 percent, but it actually is only for a two-week period until a person’s next payday in the industry. The yearly rate of interest in payday financing typically is all about 400 per cent, which makes it very difficult for a debtor to settle the loan. Continuă lectura „Pastor: Ohio law, church will help with payday financing”