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Payday lending reform bill ready to advance in Ohio Senate

Substitute House Bill 123 is expected to clear the Senate Finance Committee and then get a full floor vote on Tuesday. It’ll still need final approval from the House since the Senate made changes to the legislation.

The latest version calls for:

• limiting loans to a maximum term of 12-months and principal of $1,000;

• restricting interest and fees on a loan to no more than 60 percent of the principal;

• closing a loophole used by lenders in the past;

• limiting repayment schedules on loans of more than 90 days to 7-percent of the borrower’s monthly net income.

It would also prohibit harassing phone calls, limit on-site check cashing fees to $10, and clarify that a third-party can pay off the loan. Borrowers could also rescind the loan within 72 hours, up from the current 24 hour window.

Related: Big money, political muscle on display in payday lending clash

The fight over House Bill 123 has been fierce and 10 years in the making. In 2008, lawmakers approved strict limits on how much payday lenders could charge consumers. Ohio voters confirmed the limits in a referendum vote.

How to take a home loan in your 60s? 5 things you must know

It’s never too late to own your dream house. With home loan eligibility criterions getting broader and more flexible, even those nearing retirement or those who have already retired, can avail a home loan. Although these are secured loans, the uncertainty surrounding the life span and financial condition of senior citizens makes lenders apprehensive towards lending them.

However, borrowers in their 60s can get their home loan approved by keeping in mind the following points:

1. Are you eligible to take a home loan in your 60s?

Availing a home loan in your 60s isn’t as easy as when you are younger. However, some lenders do provide home loans to senior citizens, with the maximum age limit of borrower being up to 70 years at the end of loan tenure, implying that those aged 60 and above can get a home loan with maximum tenure of 10 years. This often leads to shorter loan tenures and lower loan amounts being granted to them, as compared to that of lower age groups.

If a home lending company approves you for so much would another be the same?

Would another home lending company/bank be the same or can it vary a couple thousand give or take?


Most would be about the same, because your approval and loan program is based on your credit scores. One mortgage lender could have different programs that the others might not have.