Monday, October 20, 2008
CINCINNATI (AP) — The Cincinnati Enquirer and Akron Beacon Journal are urging Ohio voters to keep a cap on interest rates for payday lenders, and the Enquirer is also telling readers they should reject a proposed casino in southwest Ohio.
Both newspapers in Sunday editorials suggest a “yes” vote on Issue 5, which would keep the quick loans’ rate at 28 percent.
A law passed last summer would cap the interest rate, but the payday lending industry is backing a ballot measure to repeal the requirement. Lenders want to continue charging up to 391 percent interest on short-term loans, which are often used by low-income residents.
The Beacon Journal says a ’yes’ vote would ensure that borrowers don’t fall into the habit of continually taking out loans to pay off a previous one.
The Dayton Daily News, Canton Repository and (Cleveland) Plain Dealer also recently endorsed a “yes” vote on Issue 5.
In another Sunday editorial, the Enquirer urges voters to reject an attempt to amend the state’s Constitution to allow the construction of a new casino in Wilmington.
The paper says the amendment — on the ballot as Issue 6 — uses flawed, deceptive language to establish a casino monopoly in Ohio.