More than two thousand payday loan customers and lenders rallied in Ohio to protest severe restrictions proposed by that state's Senate on cash advances.
Holding signs such as "My life. My credit. My choice!" the payday loan supporters voiced their concern over a bill that would severely limit the credit options of working people -- not to mention cut some six thousand jobs.
"No business, not a credit union, not a bank, not even a non-profit can lend money for less than 10 cents a day," said Jamie Frauenberg, President of the Ohio Association Financial Service Centers.
Commenting on proposed limits on fees and interest charged by payday lenders, Frauenberg added: "Even Goodwill could not offer payday loans in Ohio under a 28% APR cap."
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