Comments on: Ohio Legislators Will Pay for Payday Loan Ban

By: annarae12

annarae12 — Fri, 21 Nov 2008 02:21:49 +0000

Wow, you must be stupid. You are publicly encouraging violence. I agree with the poster who says it should be reported. Violence is no way to get things accomplished. And, thank goodness this law PASSED! Na Na Na Na…..Hey Hey Hey……….GOODBYE!!!!!!!!!!!!

By: anotherscaredemployee

anotherscaredemployee — Wed, 22 Oct 2008 17:25:53 +0000

It all boils down to being educated about the issues. If you don’t understand something, learn about it before passing judgement. If I wrote a check to the grocery store for $10.00 because I needed milk and bread to feed my children and that check bounced I would pay $30.00 to the bank and a possible fee to the grocery store. Not to mention that the grocery store may hang my personal check up for the community to see that I bounced it, causing me embarrassment and loss of dignity. If I use a payday advance company and get a $50.00 payday advance in Ohio, it would cost me $7.50 for two weeks and I would still have my dignity. (as well as a little more food for my children) The industry doesn’t force anyone to use the services offered and the only reason an APR is even mentioned, when it truly is just a flat fee, is because regulators forced them to post APRs even when it is not an “annual” loan. I spent $4.77 on one beverage at Starbucks this morning, if I did this every business day for a full year it would cost me $1240.20 - where are thier APRs posted. I could go on, but the people who need to listen, don’t anyway.

Good Luck!

By: ohcarlene

ohcarlene — Sun, 27 Jul 2008 22:15:12 +0000

I’m sure most of you saying all the bad things about payday loans are the ones that have borrowed from every place you could find, thinking that it’s free money, and never pay it back! Then want to sit back and say that they lured you in! Come on, you’re not really that stupid to think that it’s the company’s fault do you?!!! Or, do you!

By: boonecat

boonecat — Wed, 16 Jul 2008 16:14:51 +0000

I think the payday loans are horrible!!!! They want you to go to their sister company to pay off their loan. They also harrass you endlessly if you bounce one of their checks. There is no working with them. The interest rate and the cycle of endless debt is just what they want and how they make their money.
People need help and respect, not a loan shark.

By: geburton

geburton — Thu, 10 Jul 2008 01:09:41 +0000

Rod: regarding the 8,350 customer service positions supposedly available — some of us don’t want to work for organizations that treat people the way credit unions and banks do… five and six digit APRs! They should be ashamed - but not outlawed.

I think the presence of check-cashers and payday loan stores that give consumers a lower cost choice is a good thing.

I think treating people with dignity and respect is also a good thing, regardless of whether they have enough money for a credit union to do so.

By: Matthew Mayer

Matthew Mayer — Thu, 26 Jun 2008 07:33:49 +0000

Scott J:
You have never taken out a payday loan, so how would you know if there is a tangible benefit to consumers or not?

Here’s the truth: the benefit is HUGE. Hundreds of millions of payday loan transactions have been made in this country alone over the past 20 years.

Use a little logic. If there were no tangible benefit seen for consumers, then consumers would not use them. If you understood anything about economics or how business works, you’d know this. If a product does not have utility, it doesn’t get used! DUH!

If you spent any time at all reading the quarterly reports of payday loan companies, then you would read their profit and loss statements. You would therefore see that a 28% APR rate cuts their revenues by 93%. That puts them out of business immediately. So, no, they cannot be profitable at that rate.

Please provide evidence that “wealth is stripped from communities” because of payday loans. You have none.

You are a typical ignorant, and uneducated opponent, who does not understand economics, business, or how real people get by without the need for short term credit.

By: Scott J

Scott J — Mon, 23 Jun 2008 19:04:20 +0000

Don’t sign the petition to overturn HB 545. The Ohio legislature acted responsibly by curbing the predatory practices of an industry that takes advantage of others’ misfortunes. Payday lending provides no net tangible benefit to Ohio consumers and strips wealth from our communities. Payday loan companies should be able to be profitable at 28% APR and many have signed up for new licenses with the Ohio Department of Commerce to continue operations under another statute.

By: PaydayLendingRep

PaydayLendingRep — Thu, 05 Jun 2008 20:58:50 +0000

Consumers should decide whether to have access to payday advance services said the Community Financial Services Association of America (CFSA) as it announced a referendum to overturn the recently passed law effectively banning payday advances in Ohio.

The referendum would repeal Substitute H.B. 545, which was signed by Governor Ted Strickland on June 2, 2008. The Reject HB 545 committee must collect 241,365 valid signatures before September 1st in order to qualify for this November’s ballot. Voters will be asked to oppose enactment of the Sub. H.B. 545 as adopted by the General Assembly

By: boom

boom — Thu, 05 Jun 2008 02:42:18 +0000

I LOST MY JOB! And I am pissed off. Me and my children lost our livelihood and our health insurance. This law was overkill. It killed 6,000 payday lending employees and the customers who NEED this service. I hate every legislator who voted for this and I will vote against each and every one of them. I can’t wait until November!

By: rodfarthing

rodfarthing — Thu, 05 Jun 2008 02:07:46 +0000

One could surmise that instead of “marching back and forth….”, it would be more beneficial to go out and replace the job that was lost. At last count,there were approximately 8,350 customer service positions open in Ohio’s banking and credit union institutions. Most customer service reps from the payday industry have the requisite skills to contend for these jobs. As for government intrusion on personal choice, focus would be better served on the intrusive federal, state, and city tax rates that collectively take 65% of your wages (do not forget sales, school, real estate, gasoline, and assorted other taxes, well below the radar). This is MUCH more onerous than the 28% legislative cap on short term loans. Pick your battles wisely….win the war.

By: Matthew Mayer

Matthew Mayer — Wed, 04 Jun 2008 21:04:51 +0000

Hey You Said:

You didn’t just lose your job. The citizens of Ohio must stand up for what’s right.

By: Hey you

Hey you — Wed, 04 Jun 2008 20:26:19 +0000

Yeah the best way is to condone violence leave those Representatives alone if you would of gone to college maybe you could of had a job like that too…quit whining….Pansie!

By: Hey you

Hey you — Wed, 04 Jun 2008 20:25:02 +0000

You are an idiot……Yeah i am sure people will do this just shut up you must be a manager at one of those horrible stores….I am reporting this website!

By: FinAnalyst IsClueless

FinAnalyst IsClueless — Wed, 04 Jun 2008 12:11:09 +0000

Payday lenders offer a state regulated alternative to loan sharks. Clearly FinAnalyst, self-proclaimed consumer advocates and the elected officials in Ohio are all beholden to banks and utilities that charge Ohio consumers at least twice as much for bounce “protection” and utility restart fees. The legislature didn’t solve a problem, instead they forced consumers to pay more to big banks, utility companies, and “unregulated” lenders. It is sad when banking lackeys get onto the Internet and espouse their price fixing rhetoric. If you want price fixing FinAnalyst move to Cuba, China, or Venezuela. Chavez would love to have you.