There is a reason people turn to payday lenders for short-term cash: They've got rent coming due or the fridge is empty and a paycheck may still be a week or two away. Traditional banks aren't likely to float you three hundred bucks for something like that. But payday loans come with a catch: they are due so fast, borrowers often must take out new loans to cover the old ones, and pay fees each time. The money isn't cheap. Payday loans in Ohio often reach an effective interest rate of nearly 600%. Lawmakers in 2008 capped such loans at 28%, but lenders used a loophole and kept collecting big fees. A new bipartisan bill would close the loophole. On The Sound of Ideas, a chat with one of the sponsors and credit experts.