Offers borrowers more hours to cover straight back loans helping create less expensive loans that are small Arguments in benefit The following reasons were provided meant for Referendum 5 by a committee appointed because of the Ohio Ballot Board: 2 “ Is 391% interest too much? YES. A yes vote caps the yearly interest on a cash advance at 28%. Payday lenders don’t just like the interest limit. They would like to charge 391% APR on a normal loan that is two-week. That’s why the national payday lending lobby invested millions on deceptive television advertisements and petition circulators getting ...