U.S. Sen. Sherrod Brown is working to free people from what he called a “cycle of debt” from payday lenders who charge exorbitant interest rates.
To that end, he’s supporting legislation that would cap the interest rates of such loans.
Brown spoke about the issue with Gloria Olivencia of Lorain during a press call with reporters on Wednesday.
“Several years ago, she took out a payday loan to help pay her bills and she ended up in a cycle of debt, paying $1,200 interest on a loan that was originally $500,” he said. “It’s so important that people hear these stories of predatory lenders that we’ve seen far too much.”
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