“…that is insane.”
November 1, 2008 | Ohio, industry, media coverage, regulation, states | Comments (2)A payday lending store manager discussing the 36% rate cap in this Chillicothe (OH) Gazette story:
Mary Myers, of Heartland, said Friday that Heartland is urging a “no” vote so that it can continue to operate for its customers.
“We are worried about our own income if this passes on Nov. 4,” she said.
Myers said there is no way they will be able to continue operations if the Legislature’s regulations are allowed to stand.
Instead of collecting $15 per $100 borrowed in the original example, payday lenders under the new law would be collecting $1.03 in interest instead.
Comments»
I voted YES on Issue 5 and YES on Obama. If the Issue fails, Obama will establish a federal law against Payday lending. Either way, you losers are gone!!! LOL!
Columbus Dispatch Poll:
State Issue 5: Payday-lending referendum
69% YES. Uphold the interest-rate limit of 28% imposed by the General Assembly.
31% NO. Allow payday lenders to charge 391% annual percentage rate.