The Payday Pundit received this email tonight.
I have worked for a payday loan company for 5 years, and we are definitely a help to our community. Our customers are from varied walks of life: retired, some on social security income, unemployed, people who make over$50,000 a year, people who live paycheck to paycheck (who doesn’t?). There are some who depend on us regularly and some who come in just when something unexpected comes up. Our customers will be in a bad situation if we close our doors. They sign the contract and agree to their (usually 2 week, not a YEAR) FEE. Everything is upfront and they are aware of exactly what they are signing. They are not helped by their banks or have gotten in trouble with their banks and high interest credit cards. They don’t want to ask their families for help.
We need to charge the appropriate fee in order to pay for our labor, rent, utilities, etc. as any business does. We also provide many other services besides payday loans although this is our main service.
Payday lending is a service that is very needed, if not, why would there be so many of us and so many customers?
We also support many good causes such as the Susan G Koman Breast Cancer Foundation, Juvenile Diabetes Research Fund (JDRF) and currently the Big Brother/ Big Sister Foundation.
I am also a long term employee of a large pay day lending company. And I am in complete agreement with this poster’s statement. Our services are necessary, otherwise we wouldn’t be in business to begin with nor able to stay in business for the past years. We provide help to the underbanked community– without us they have no other viable financial options. Traditional banks shy away from these customers and they are also unable to obtain credit cards so when they face a financial issue, they turn to us. Who will provide this service if HB 545 is passed???
In these uncertain economic times, our State Reps and Senators have a duty to us to keep jobs in Ohio, not ELIMINATE 6000+ of them!!! Loss of wages, loss of tax base for local cities in Ohio, loss of benefits, and a loss of options for the thousands of Ohio residents that utilize pay day advances.
This unfortunate domino effect will be felt throughout the state– on Unemployment, Medicaid, Welfare, Foreclosures, etc…… And it would be an absolute tragedy to allow that to happen.