The Central Ohio community will be coming together to host a forum to discuss the issues of predatory lending and its negative effects on our local communities. Participants will hear from a panel of experts including those with experience in finance, non-profit organizations, government, faith-based communities, and those with first-hand knowledge of taking out payday and car title loans. The event is meant to help individuals learn about the issues, including HB 123 in Ohio, use their voice, affect change through advocacy, and identify alternatives and new low interest programs.
Payday loans are meant to help people with an emergency financial need to get to the next payday. However, they have become a usurious system that takes advantage of the poor and perpetuates their debt. With almost 80% of payday loans going to people earning less than $30,000 a year, it is clear that these loans are going largely to those living below the poverty line. But, instead of assisting those in need out of debt, these lenders take advantage of the people’s hardship. The average borrower takes out over ten loans, often the last 9 of these are in order to pay off the original one. By then end, the average borrower will borrow $300, but pay $574 in fees. This multi-billion dollar industry preys on the plight of the poor, the urgency of their need, and the lack of resources available to them.
This forum will provide an opportunity to hear from experts, learn about how the industry works, and how it inflicts harm on the community, while giving a voice to those closest to the issue. The forum will discuss how individuals can promote change through advocacy and to discuss new alternatives that are available (for instance, new low interest loan programs).
Dr. Carl Ruby — Central Christian, Springfield OH, Ohioans for Payday Loan Reform
Nate Coffman — Executive Director, Ohio CDC Association
Jeffrey Loeser — Senior Assistant Attorney General Consumer Protection Section
Dr. Fadhel Kaboub — Associate Professor of Economics at Denison University
Jacqueline Gutter — Staff Attorney, Legal Aid Society of Columbus
Deb Zabloudil — Coordinator, St. Vincent de Paul Microloan Program
Central Ohioans who used Payday Lenders