Advocates for Basic Legal Equality, Inc. (ABLE) is a non-profit regional law firm that provides high quality legal assistance in civil matters to help eligible low-income individuals and groups in western Ohio achieve self reliance, and equal justice and economic opportunity.
Preventing Payday Loan Industry Growth in Toledo Central City Neighborhoods
Many people debate whether payday loans are necessary for people with limited means. But the proliferation in Toledo was stemmed after several groups representing people affected by the extremely high interest that made it nearly impossible for hardworking people to pay off their loans. In 2016, Toledo was one of few cities in the state to limit the number of payday loan stores. Many payday lenders charged 500% interest and fees for every refinance – making Ohio one of the worst in the nation in protecting consumers. The Toledo City Council protected its citizens by passing the payday lending zone restrictions, an ordinance that limited the number of payday loan stores allowed to pop up.
ABLE assisted Toledo’s City Council by researching and drafting the ordinance with input from community members seeing the financial devastation caused by the loans.