Miami Student

Forget if you agree with pday loans or not- FOCUS on the fact that the Ohio General Assembly thinks they have the right to control what financial products are available to the citizens of Ohio. Big brother style.

Forget if you have used a PD loan or not-- FOCUS on the fact that other consenting adults do and are capable of making their own decisions, based on their individiual situations. Who are we to say no, you can't use that credit card? Or no you can't use that bank?

Forget everything else -- FOCUS on the fact that eliminating payday loans DOES NOT eliminate the need for short term financial options. I bet 99.9% of the OGA doesn't have to worry about the day to day necessities the rest of are dealing with. They have insurance, pensions, well paying jobs.

Forget about the Pday loan argument -- FOCUS on the controlling and spending of our household money by the state. Considering our current economic situation... I vote for less intrusion!! PLEASE let me manage my own darn $$ since the gov't has shown they are not responsible, accountable or budget conscious. Ohio>> 60M in debt!!

Forget about the Pday loan side-- FOCUS on what else the government is going to decide in the future (under the guise of "paternalism") that we aren't capable of handling as adults. Restricting how much can be spent on food? alcohol? cigarettes? housing? gambling? clothes?

FOCUS on the fact that the OGA is intruding on our personal financial decisions... where does it stop?? Why do they think they know better what will work for us than we do? We live it every day!!!

The Issue of 5 is waaaay bigger than PD Loans >> its about Financial Freedom of Choice, which I consider to be a BASIC FUNDAMENTAL RIGHT!

***NO on ISSUE 5!****

Mr. Carroll incorrectly states that "a $300 loan would have a two-week charge of around $18." An annual interest charge of 28% is only $84. Thus a two-week loan (during any of the 26 pay periods in a year) would be only $3.23. A 28% cap will eliminate a reasonable choice that allows many customers to cover emergencies.

Casey, I guess you were a big proponent of deregulation on bank lending? Look how that turned out. All of your tax dollars went to bail out a bunch of reckless companies that speculated and got greedy in the Real Estate market. If you read this article, issue 5 does not propose to restrict what "financial options" you have. Issue 5 puts a cap on the apr, helping those who need the loan to afford it, but cutting on some of the profit of the payday loan companies. 272 million dollar industry? Do you think the 6000 employees sitting behind the counter at the Payday loan see anything close to a middle income wage from that 272mil? The only thing hurt by 5 is the accounts of the Owners of these payday loan industries. Are you one of them? Do you like being had by higher APR's for no additional service? Lending money is not a skilled trade that produces tangible products, requiring higher prices and incorrect valuation. It should not be allowed to become a form of extortion. Why do you think there are laws about credit card APR's?

I understand that there are some payday lenders that take advantage of people. I also understand that some people take too much advantage of the payday lender. However, payday loans can be a great service and huge help in times of financial emergencies. It's just important to be wise with your money and make appropriate decision.

Martin,
There are laws on APR about credit cards but not on the APR charged on fees, for instance
What is the APR if I was charged a late fee of $34 bucks on a $15 dollar payment for a balance of $50 bucks? HMMM-its OUTRAGEOUS. How about the APR for a $34 NSF fee on my $10 check? OFF THE CHARTS!
Obviously this industry serves a purpose. It gives a short term loan option to those who cannot qualify for a loan with a bank. I dont know any bank that will lend me a hundred bucks for 15 bucks. I do know my bank charges me 2 bucks for 20 from an ATM that wasnt theirs and THAT atm charged me 3--so 5 bucks for 20 bucks of MY OWN MONEY--how fair is that?
These people will have no option because they dont have the credit they need to get a loan elsewhere and payday lenders have the $15 fee per $100 because of the high risk they take when loaning.
YOu also fail to mention that the government that you claim is "protecting" people, if this issue passes, will charge the consumer $250 bucks to take a financial literacy course after their second payday loan. TWO HUNDRED AND FIFTY DOLLARS! I now see their reasoning behind jumping in on "behalf" of ohioans--to get their money--just like KENO does, legalized gambling that Ohio has control over. NICE. PS. I see the way the government spends their money. They just borrowed 700 BILLION bucks that I am supposed to pay back in taxes and social security, but they dont want ME to be able to borrow--RIGHT!
VOTE NO ON ISSUE 5, PRESERVE OPTIONS, CHOICE, FREEDOM and STOP THE GOVERNMENT FROM TRACKING YOUR LOANS SO THEY CAN TAKE $250 A POP FROM YOU EVERY 2 LOANS-- NO ON 5, NO TO A NANNY GOVERNMENT !

COAST is an "organization" with only 6 members. An "astro-turf" group set up to advocate on behalf of corporate entities like the predatory payday lending industry. COAST has held press conferences and contributed to the payday lenders ads about "big brother" trying to scare voters about a database. However, issue 5 has nothing to do with a database. It will remain whether you vote yes or no. So, lower interest rates and end predatory lending. Vote yes on issue 5!

You Have to have an enormous interest rate when your dealing with deadbeats...and i would be...the majority of these folks are or they wouldn't pay the enormous rates if they had any alternative,that they didn'r already burn and stiff....and...just how many of these folks do you think pay it back compared to folks who go elsewhere!!!

I don't know what the big deal is about getting a payday loan. I got one last year, paid it off in two weeks and the fees were less than if I had missed my credit card payment.

Great Article Bob!
Sincerely,
Your cousin