Comments on: Ohio Senate Votes on Payday Lending Interest Cap Bill Today

By: Former Cashland HQ Employee

Former Cashland HQ Employee — Fri, 18 Jul 2008 14:38:51 +0000

I’m in favor of the new law, the government should be investigating Cashland officials for the embezzlement of money. I’d start with the corporate office in Sharonville, OH, the new law is in the better interest of everyone.

By: Anti-House Bill 545 Group Gathering Petition Signatures « Moue Magazine

Anti-House Bill 545 Group Gathering Petition Signatures « Moue Magazine — Tue, 10 Jun 2008 15:54:41 +0000

[...] Ohio Senate Votes on Payday Lending Interest Cap Today (5/14) [...]

By: Stinky Chimp

Stinky Chimp — Wed, 04 Jun 2008 19:54:48 +0000

El Oh El!

First, the House, then the Senate. Next, back to the House for final concurrence. Finally, the governor signs the act into law!

Ohio Consumers 4 PDL 0

Boo hoo to the haters…

By: Glenn

Glenn — Tue, 03 Jun 2008 20:00:57 +0000

I thought the Credit Union Journal as the source was interesting. Good-bye stretchpay?

Payday Lender Group Critical Of Proposal
Credit Union Journal
June 2, 2008
National

A trade group representing the payday lending industry criticized a
proposal for “model payday loan alternatives,” saying if adopted the plan
would eliminate not just payday lenders but many of the programs offered by credit unions, as well.

In response to a report titled “Confronting the Debt Culture” that was
released during the conference of the same name, the Community Financial Services Association of America said it’s “further evidence that the advocacy groups authoring this study don’t understand the basics of
short-term consumer lending.”

“While the intentions are good, the recommendations in the report
demonstrate the complexity of small-dollar, short-term credit offerings and
their costs,” said D. Lynn DeVault, CFSA president, in a released
statement. “So-called ’solutions,’ such as annual rate caps would eliminate
not only payday lenders, but also the model credit union alternatives
described in the report as well.”

By: Brandy Betz

Brandy Betz — Tue, 03 Jun 2008 17:34:07 +0000

Hopefully, part of the program that Strickland’s committee for improving the economy of Ohio will be to go after the unethical behavior of banks.

By: Cynthia

Cynthia — Tue, 03 Jun 2008 16:59:16 +0000

This makes me wonder how banks can get away with charging the customers the outrageous fees they do? If you want to help the economy crack down on the atm fees,nsf fees,credit card over limit fees,change in interest rates due to low credit scores. All these companies have been ripping off the middle class for years and it just keeps getting worse. They think up new ways to charge higher and higher fees. My idea is these companies are getting what they have deserved for years. Now they are crying how can people take out loans and not pay for them thanks to them they made it impossible. signed middle class!

By: Glenn

Glenn — Thu, 29 May 2008 22:47:04 +0000

It’s very difficult to solve problems like a lack of jobs, a slow economy, etc. Payday loans are an easy target because people think the check cashing stores located in poor neighborhoods make lots of loans - which is generally false; those stores will be here long after the payday loan stores are gone. Plus, taking a short time loan and expressing the interest rate as if it were an annual loan makes GREAT headlines. The editorial writers love it! Attacking payday loans gives politicians a way to claim they are doing something positive in the upcoming fall election without actually solving anything. Clever!

Bank fees are indeed off the charts… If you express their fees as APRs like payday loans it easy to generate 4, 5 and even 6 APRs. They make more than half their income off fees. They also have a lot more money to throw around than the tiny payday loan industry so don’t expect much to happen on that front.

I don’t blame banks for the mortgage crisis. Institutions like the self-help credit union are worse. But I think to be fair to all mortgage institutions you have to ask if the risky mortgages were not made, how many people who are making their mortgage payments on time would not have gotten the opportunity to own a home? Yes, some couldn’t make the payments and are in foreclosure, but I bet more than half did and are still home owners. Is the glass half empty or half full?

By: Sharon

Sharon — Wed, 28 May 2008 15:22:48 +0000

Why aren’t we capping the amount banks can charge for bounced checks? It is interesting how the legislators aren’t going after banks for all the irresponsible mortgage loans they made. Who is benefiting from this bill. THe banking industry in Ohio. How is it that upper class America decides what is best for working class America. If I want to pay that interest rate, it is no ones business but mine. What alternative are you going to offer?

By: Glenn Burton

Glenn Burton — Sat, 24 May 2008 15:25:17 +0000

The banks should be pleased indeed. But the driving force behind the CRL is actually a Credit Union - of a sort. Eliminating competition through the legal process is their goal. You might find this paper on the “Predatory Charity” interesting:
http://www.consumersrightsleague.org/UploadedFiles/PredatoryCharity.pdf

By: Daniel

Daniel — Fri, 23 May 2008 17:54:00 +0000

There is Good and Bad in everything. I have used Payday loans and gotten in deep before. I have also saved myself major bank fees in the past. Anything can be Abused. I don’t feel that $15.00 per $100.00 is to large of a fee if the bank is going to hit you $35.00 for a $1.00 overdraft. Lesser of the evils. I rarely use check services anymore, but if there was a need i have no problem in doing so. I guess i should say had, because i no longer will have that option available to me. I’m sure that the banks will be pleased.