Payday Loans Battle Still On in Ohio

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Posted: 3:49 PM Oct 24, 2008
Last Updated: 3:49 PM Oct 24, 2008
Reporter: Associated Press
Email Address: news@wsaz.com

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COLUMBUS, Ohio (AP) - Opponents of a new Ohio law that puts tough restrictions on the payday loan industry have raised $18 million in their campaign to repeal it.

They say the law will kill 6,000 jobs statewide.

Supporters, who see themselves in a David vs. Goliath battle, will try to reach voters with testimonies from loan recipients and former employees who say the industry traps customers in a cycle of debt.

Defenders of the law also will turn to help from Gov. Ted Strickland and top lawmakers.

Issue 5 on the Nov. 4 ballot asks voters whether they want to keep restrictions on the industry.

The law would reduce annual interest rates on loans from 391 percent to 28 percent and limits Ohioans to four such loans a year.

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Posted by: ashley on Oct 29, 2008 at 01:43 PM
bottom line we should have the right to a payday loan if we want one!

Posted by: KCM on Oct 27, 2008 at 11:52 AM
So let me see if I've got this straight- we should ban and eliminate payday loans b/c a small minority is irresponsible and has trouble making "good" financial decisions/ budgeting and supposedly "gets caught in a cycle of debt"?? So basically let's punish the MAJORITY for the mistakes of the MINORITY. Gosh-- I certainly hope we don't apply that same flawed line of reasoning to driving, eating, smoking, drinking or anything else. Because it's totally idiotic & absurd! Some adults get into accidents/drive drunk, yet we don't ban EVERYONE from driving. Some are overweight/unhealthy, yet we don't ban food. Or require them to eat at certain restaurants or eat specific food. Some want to smoke & drink, they may be addicted or spend "too much" $ on those, yet we don't ban smoking or drinking. Some blow all their $ on "frivilous items-- lottery, gambling, yet we don't limit/control their $. Adults are & should be responsible for their choices!! **NO on 5**

Posted by: KCM on Oct 27, 2008 at 11:38 AM
Forget if you agree with pday loans or not- FOCUS on the fact that the OGA thinks they have the right to control what financial options are available in Ohio. Big brother style FOCUS on the fact that other adults are capable of making their own decisions, based on their life. Who are we to say no, you can't use that credit card/that bank? FOCUS on the fact that eliminating pday loans DOES NOT eliminate the need for short term financial options. FOCUS on the controlling & spending of our household $ by the state. The gov't has shown they are not responsible or budget conscious. Ohio /> 60M in debt! FOCUS on what else the gov't is going to decide (under the guise of paternalism) that we aren't capable of handling. Restricting how much $ on food/alcohol/cigarettes/housing/gambling /clothes? FOCUS on the fact that the OGA is intruding on personal financial decisions-where does it stop?! The Issue is WAY bigger than PD Loans- its a BASIC FUNDAMENTAL RIGHT! *NO on 5*

Posted by: charles carroll on Oct 26, 2008 at 07:58 AM
90% of the people in America cant manage money , its a massive vision problem . People cant see an inch beyond the end of their noses .Pay day lenders are preditory and only add to the problem , as far as pawn shops go thats just a sales outlet for stolen property driven by the drug trade . These institutions are a sympton of decades of decay in our society .Go to any military base in the U.S.and just outside the gates you will see all kinds of pawn shops, payday lenders and car dealers who will sell to military personel on a signature only . My stepson went into the Air Force with no debt. and was discharged with 10k in unpaid debt and just the clothes on his back .I heard Bush say that the credit systems are drying up and Business's are on the verge of failing because they cant make payroll or restock inventories . I have always saved my money even if it was just change in a jar I have always made the effort to save , thats a very basic principal to maintain liquidity and surplus .

Posted by: kyguy on Oct 25, 2008 at 03:01 PM
aparently there is a need for these places. with your rationale...we should shut down all pawn shops too... people need to manage their money and realize that they dont always need what they want... these places employ people and are legitimate businesses... who is gonna lend money to the pople that use these places ifthe pay day loan businesses are put out... are you?

Posted by: eric on Oct 25, 2008 at 11:11 AM
391 percent interest this is crazy these places are everywhere and need some sort of restrictions. this is a good law and needs to stay in place.

Posted by: $$$$$ on Oct 25, 2008 at 05:38 AM
KEEP THEM ALL SHUT DOWN PLEASE, I KNOW A FAMILY THAT IS IN A LOT OF TROUBLE OVER THIS (R I P)OFF THIS IS NOT FUNNY AT ALL I HOPE GOD WILL HELP THEM OUT WITH ME PRAYING EVERY NIGHT FOR THIS FAMILY. HOPE YOU ALL CAN GO TOO SLEEP AT NIGHT RIP OFF!!

Posted by: Dealon on Oct 24, 2008 at 10:38 PM
These companies are CROOKS! why can't people see that they are victims when they walk into these places. These companies play this sad song and dance and try to appeal to people who are in need by saying things such as " we are there to help people who are in need" OK if thats the case and you are here to help me then having me pay the 28% interest rate is helping me alot more than charging me 325% interest. The companies say that all of these people are now out of work? sorry, but I don't call working at one of these loan sharks an actual job. I would be ashamed to tell my friends or family that I work at a payday lender how embarrasing, I would rather say I work for Mcdonalds because they are at least a respectable company. People do not get fooled into thinking these people are your friends. The owners of these companies are NOT your friends they want to lock you into a loan that you more than likely cannot repay in time BUT they will let you renew it again for another 2 weeks!!!!

Posted by: Close them on Oct 24, 2008 at 08:15 PM
Look we dont need these places nor the jobs they are supposedly create they are nothing but traps that destroy people.If they can't afford to operate on 28% intrest then let them leave I have seen what they do to people they go 1 time and it takes them forever to get away and in the meantime throw away to much money to do it

Posted by: Beth on Oct 24, 2008 at 06:30 PM
I say do away with them all. I used to work beside one of these payday loans and it is the same people coming again every month. Once they get a loan, most of them can not stay away because they dont have the extra money to lose. One lady I seen every first of the month for over 6 months. Sad, isnt it?

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