COLUMBUS More than 300,000 Ohioans are trapped in a cycle of debt to payday lenders and are paying more than $318 million in payday loan fees each year, according to a report released Wednesday. Among other provisions, their bill would cap interest rates for loans up to $800 at 36 percent; prohibit a check-cashing business from making loans to borrowers who have a loan with any check-cashing business and expand consumer education. Studies have shown the average payday borrower uses more than one payday lending company each year, making the average number of loans higher. Representatives of the Coalition, which includes religious leaders and community groups, said the business models of payday lending companies are dependent on trapping customers in a cycle of borrowing and reborrowing. read more