YES ON ISSUE 5 UP BIG IN DISPATCH POLL
Ohio's Consumers Winning Big
For Immediate Release: Nov. 2, 2008
Columbus - Despite a 61 to 1 spending advantage and slick TV commercials widely criticized for their deception, payday lenders are trailing in their effort to overturn Ohio's nationally acclaimed payday lending reform law, according to today's Columbus Dispatch.
In a mail poll of likely voters, the Dispatch Poll showed the YES vote on Issue 5 with support from 68 percent of respondents and the NO vote with just 31 percent.
A YES vote on Issue 5 is a vote to keep in place Ohio's new law, which capped the interest on payday loans at 28 percent. A NO vote is a vote to return to the old law which allowed lenders to charge 391% APR on a typical loan.
"The people of Ohio are seeing through the deception - but the deception isn't over,'' said Bill Faith, executive director of the Coalition on Homelessness and Housing in Ohio and a leader of the Vote YES on Issue 5 campaign. "From now through the Election Day, you will see the payday lenders' TV commercials. Please don't believe a word of them.''
State Issue 5: Payday-lending referendum
69% YES. Uphold the interest-rate limit of 28% imposed by the General Assembly.
31% NO. Allow payday lenders to charge 391% annual percentage rate.
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