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Richard Cordray Says Ohio Payday Lending Law is Worst in Nation

Friday, June 8, 2018
Amy Sherman | PolitiFact
Diane Standaert

The Center for Responsible Lending, an organization that calls for more safeguards for consumers, found in 2015 that payday loan storefronts in Ohio advertised rates of more than 600 percent annual percentage rate. Diane Standaert, director of state policy, said that since that time some storefronts now reflect rates between 300 and 400 percent for some loans.

"But this is basically comparing the differences between (1) a very bad loan, and (2) another very bad loan," she said.