Comment of the Day II
November 5, 2008 | Uncategorized | Comments (4)This was a win for all of the people that were trapped in a cycle of debt. Taking away a product that helps them put food on the table, medicine in thier cabinets, gas in their cars and clothes on thier children will fix everything.
Those of you that are celebrating the victory on this referendom cannot see the forest thru the trees. If you think that you have flicked a switch and now all of the people no longer have a need for extra cash has just went away, you’re wrong. Will all of the current lenders create a new product and stay in business, look at Arkansas and Oregon. Will the legitamate internet lenders that are/were licensed in Ohio still offer loans? No. The only option will be for the consumer to go online and borrow at higher rates with no regulations ands the state no longer can do anything to help them when trouble rises.
To those of you that stand beside Jeff celebrating this victory, you will be sincerely thanked some that are forced to learn how to budget better and scorned by more that have just lost their “lifeline” to keep thier head above water.
You should be “proud” of what you have achieved…
The Payday Pundit is sensing sarcasm.
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several lenders in Ohio have already received the licensing to offer the new product.
You’re correct. The real question is how viable is this product and how long will the companies throw good money at bad? There is just not enough business to cover the costs of keeping 1550 stores open with installment loans at 28%.
Also, remember that none of the companies that continued to operate wanted to lose employees. If there was not a “future” for the job, then why would an employee stay and how hard would it be to fill the opening?
Sit tight and hold on!!! It’s going to be a rough ride for both, the customer and businesses!!!
Saying “Several” lenders in Ohio received the new license is grossly incorrect. All of them did – it was automatic. That doesn’t mean anyone will ever use the license.
Umm, no, it’s not automatic. They had to apply for the new license. It has a fee. Not every payday lender got it, but the majority did. Where are your facts coming from, Glenn?