Comments on: Ohio House Bill 545

By: Peter

Peter — Sat, 22 Nov 2008 22:50:50 +0000

I just got a cash loan from cashland, they have a workaround. They don’t call them pay day loans anymore. They charged me $328 to borrow $300 (222% the documents say). You don’t give them a check, you just have to pay it before 2 weeks is up.

By: Payday Crooks

Payday Crooks — Thu, 06 Nov 2008 15:31:05 +0000

Cry me a river…

By: Tina

Tina — Thu, 06 Nov 2008 02:31:31 +0000

and dont forget the rent owners and advertising agents that stand to lose millions…..meh, but whose counting?! they can cash in on the casino….oh wait…

By: Brian

Brian — Wed, 05 Nov 2008 20:11:57 +0000

For those of you opposed to this, why has no one gone after the banks that charge you $35 per each overdraft fee even if the item is only $2.00 making the $2 item a $37 item! I think these fees from major banks are a pure gouging of the public. The $15 fee on a loan is by far better than $300 in fees because 5 items cleared your bank. Bank Of America does not even stop the bleeding fees, allowing every withdrawal to keep coming out of your account until it spirals out of control….HOW IS THIS ANY BETTER??

By: Tom

Tom — Wed, 05 Nov 2008 18:17:20 +0000

Well, it happened. Issue 5 passed, meaning HB 545 becomes the law here in Ohio. So what does that mean, really?
Well, Cash America announced today that they will be CLOSING 43 of the Cashland Stores in Ohio over the next few months. I’m fairly sure in the next few days or weeks we will see other companies closing store fronts across the state. So the state can say goodbye to those good paying jobs and the payroll tax dollars that flow into the State’s cofers, while at the same time watching plenty of money flow out as these former payday loan employees start collecting unemployement (unless the state steps in and declares them somehow ineligible).
And let’s not forget the cities that were collecting tax dollars from these same employees as well as taxes for the businesses themselves. Kiss that money goodbye when the storefronts close up. But hey, I’m sure there are plenty of great paying jobs out there just asking to be filled. It’s not like we’re in a recession or anything?
So as I go to update my resume while I hold out hopes that my company will find a way to stay open, let me leave you with this thought. The only winners in this are the banks who’ll still be out there charging outrageous overdraft fees and the mommy staters who feel that we’re all children who need to be told how the live our lives.

By: Payday Crooks

Payday Crooks — Thu, 30 Oct 2008 12:54:38 +0000

The sad thing is the advertising of the pro-payday lending campaign is full of total BS. It seems these people want to make it about jobs, privacy, and keeping the gov’t out of the public’s business.

I think the payday lenders have tried to dupe the public and prey on those that are not up to speed on the issue with boldface lies and misinformation. You should be ashamed of yourselves for being underhanded. Still, what else would we expect from people of less than moral fiber? After all, they tried to stack the deck with signatures from people that were dead…

Keep HB 545 on the books and send a message to the scumbags in the PDL loan shark business. Thanks for screwing your customers and contributing to the economic downturn of OH. May you all rot in Hell!

By: Heather

Heather — Thu, 23 Oct 2008 17:49:44 +0000

First and Foremost I don’t know many crackheads who have a job and one of the requirements to getting a payday loan is having a payday which means employment. Ohio HB545 states that consumers would be limited to 4 loans per year if you take out 2 loans within a 90 day period you have to attend a class to teach you how to finance your money the statewide database will track this to ensure that the government knows what you are doing with your money. The other thing I would like to comment on is the fact that not all payday lenders are behind glass I have worked for 2 neither of which had it also neither were located in “shady” neighborhoods one was in Sharonville and currently in Mason. I myself have in the past worked in the banking industry and it does not pay as well as being an office manager for a payday loan company. Lastly I would like to pose this question how can a business survive by loaning someone $500 for a month which is what the new law would require and profit (I use that term loosely) $5.40 ?

By: Lee

Lee — Sun, 12 Oct 2008 05:00:46 +0000

Can any one tell me where the only 4 loans/yr came from? I’ve read the state legislation and this point is confusing to me, the ballot states nothing of a limit on loans. Also, I don’t know how true this is but, I read info about a mandated class the consumer would have to take (and pay for out of pocket) should they need multiple loans in a 90 day period, is this accuate and were did it originate seeing as I have found no mention in the legislation I have review.
Could someone please post a link if they know of the info, I would like to be as informed of a voter as possible.
Thanks.

By: hmmm

hmmm — Tue, 07 Oct 2008 00:20:48 +0000

dear common sense…..do you have any?

You seem to be among the uninformed in this debate and it saddens me. Have you even used these services, or are you just repeating what you saw on tv or read in the paper?

Last month I had no other option than to take out a loan with a cash advance company. Things have been tight in my household since my husband passed away and if spending 15 dollars keeps our home from being foreclosed on, then I’ll do it a million times over. I like to think I’m a smart person. I have a job with one of the major bank chains im sure you were referring to. I HAD money in the bank and thought only stupid people who couldnt manage their money borrowed it from a payday lender. What a wake up call I had when I was left to manage all the expenses myself. Ive heard all the horror stories about these places, but had no where else to turn. So, I did the unthinkable….borrowed just enough to keep my children in their home one more month. Have you ever had that feeling? Like you were one paycheck away from losing everything?

When I borrowed for my mortgage, I made sure i was informed. How in the world could a company charge 390%? I was surprised to find out they dont. Do you realize that to come up with that number, you would have to take out a yearly loan, considering APR stands for annual. 15 dollars per hundred is cheap if you ask me and that fee never changes.
Do you really feel that because you dont need this service, no one else does? Why should this option be take away from everyone? I needed this, I used it, and it saved me!!
Do you also realize that if you take a payday loan and charge a 28% APR, it would be like charging a little over one dollar per hundred? How could ANY business say afloat like that??

And for those 6,000 people out a job….the only places that have 6,000 openings are the welfare and unemployment offices.
Not everyone is as fortunate as you seem to be.

By: Common Sense

Common Sense — Tue, 30 Sep 2008 19:31:28 +0000

How can anyone vote ‘no’ on 5 when we can plainly see the economic result of predatory lending today (see: mortgages and the current looming risk of another depression)?

IF anyone were at risk of losing their jobs, these same people could easily work as bank tellers and get paid the same amount. I can think of 4 major banks in Ohio right now looking for tellers.
These same banks aren’t at the same risk of going under, either – because they actually have reasonable interest rates and don’t go loaning money out to every crack head that can’t pay their bills. Being a teller may not pay much, but I believe it pays better than being the Debbie behind the 3″ bulletproof glass in a shady neighborhood.

If you know how to run your lending company and actually try a little harder to make sure you’re lending to the right people, you don’t NEED to charge 391% APR. Just like the big businesses on Wall Street, if you know how to run your business, you won’t be forced to go under when someone presents you a set of reasonable and ethical guidelines to follow.

Read the news once in a while, people. Make some effort to understand the economy a little.