Sen. Brown Proposes Payday Loan Bill

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WASHINGTON, DC (WSPD) -- With millions of Americans turning to payday loans to make ends meet, U.S. Sen. Sherrod Brown is pushing a plan to provide short-term cash advances through their employers using the Earned Income Tax Credit instead of turning to the high interest rate loans.

"There are more payday lending stores in our country than there are Starbucks and McDonald's combined," Brown said. "Ohioans shouldn't be trapped with a lifetime of debt from predatory loans particularly if they have tax refunds waiting for them."

Under Brown's plan, employees who qualify for the EITC could get that money from their employers on their next check and the IRS would then reimburse the employer.

"It would average about $500 for workers with children and $133 for those without," Brown said

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Sen. Brown Proposes Payday Loan Bill »