The General Assembly, left and right wing alike allow payday lenders to continue business as normal.
In 2008, 3.4 million Ohioans — almost 64 percent of those voting — voted “yes” on Issue 5, which capped annual percentage rates (APRs) on payday loans at 28 percent. Until then, payday lenders had been pillaging Ohio with APRs as steep as 391 percent.
*Gasp* 391 percent… shocking. Get a grip. I find it funny that legislators are still trying to pull the proverbial wool over the general public’s eyes with these large percentage numbers. These numbers are less than what you pay for overdrawing your checking account.
And lets talk about the whining of voters that do not get thing there way.
payday-loan lobbyists don’t think a mere election should rock payday lenders’ boats. So far, it hasn’t.
You ever think that your losing because your wrong? The point is Payday Loans fill a niche` market, like it or not they do. They provide cash for those who need it when they need it without the headache involved in the standard loan process. People continue to use the services because they provide just that, a service that they want/need/use.
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Just a quick message 2 thank u 4 your joyful post. Do u know where I can find more on this? x
A similar story with perhaps a different view on the scenario as well as an expanded opinion of a possible solution can be found at
http://www.cleveland.com/opinion/index.ssf/2010/02/could_a_compromise_settle_ohio.html
It is an interesting read in regards to possible payday loan and cash advance regulation compromise.