What this release says is exactly what I’ve been saying: payday lenders aren’t leaving. It doesn’t say Advanced America is packing up and moving out of Ohio. It says that they’re going to loan under the new law and do all of the other things that they’ve been doing, such as check cashing. Can some of the payday folks now admit that the 6,000 jobs argument and the “Every business that does payday loans in Ohio” will close argument are bogus?
Now Jeff, there you go again ignoring some of the important facts. If you read the entire statement, they are going to evaluate whether it is possible to be profitable with this new product. If it is not profitable, they will close all of there 244 stores and that will eliminate approximately 500 more jobs.
Expecting all players to throw in the towel immediately is unrealistic. The job loss will occur over time – I believe I’ve read that over 200 stores in Ohio closed before the election. The trend will continue. Also, consider the ripple effect in the economy as the industries that service payday lenders lose business and dismiss their employees. 6000 may be a low number.
Well Well Well. The payday lenders lose again. I told you so! Now the small loans will work for you.LOL! You wasted millions of dollars and you lost.It was a landslide.You made your bed now lie in it. Bye Bye!
The voters spoke loudly. Where are the massive layoffs? PD lenders caught lying again.Use the small loan product or get the heck out of the state.The Governor, legislators & voters have all spoken. Listen this time and leave gracefully. Good riddance.
No, Susie. Pay day lenders did not lose. The real losers are their employees who may not have a job for long – any one who thinks that 28% apr on such small loans is viable does not understand finances – and the customers who wont have this as an option in case of emergencies. Pay day lenders will just gather all their money and invest it on some other venture that will make them richer.
I’m not saying there won’t be some closings. There’s no real need for 1,600 payday lenders in Ohio. But why would payday lenders pay for and apply for a license if they knew they were going out of business?
Prior to the election, everything that the payday lenders were saying was that, if the rate was lowered to 28%, every payday lender would close. Obviously, that’s not true. It was a smokescreen.
Payday lenders in pawn shops won’t close. Payday lenders in rent-to-own shops won’t close. Payday lenders that do a lot of check cashing, bill payment, lottery, Western Union, etc… won’t close.
As far as the payday lenders that will close (and I’ve always said that some will close), I’m not an economist, but I would imagine that the over $300 million that Ohioans will save in interest and fees will create quite a few jobs.
Again, thanks for the apology. Very gracious of you.
Ah Jeff, payday lending is gone. You won, the consumer lost. They will not do payday loans in pawn shops, rent-to-own shops or check cashiers. These are all different businesses. Anyone that needs a short-term loan in Ohio will now have to leave the state or go on-line with illegal lenders charging almost twice as much. Will anyone hear about about the people trapped by off-shore companies on-line? No, because you won and regulated payday lenders were kicked out of the state!
Susie you are unbelievable. Obviously you are a very selfish person. I guess payday loans are a service you never needed which is fine but to be so inhumane as to not be concerned with the welfare of others is disgusting in itself. I don’t know which could be worse…your uneducated opinion of payday lenders and their customers or your obvious selfishness for those in need. You have obviously been blessed with financial comfort but that is not a reality in most peoples world…they do need help for situations that arise that require money beyond what their paychecks provide. As a result there was obviously a need for payday lenders. If this was an industry where there was wrongdoing then that lies on the consumers who abused the privledge and used them irresponsibly. Those who got themselves into a “cycle” are their own worst enemies. The industry didn’t force them to abuse them, they did that to themselves by overextending themselves. Rest assured those same people are also overextended on charge accounts, bank accounts, etc. Putting some or all of these companies out of business didn’t stop the “cycle”. These same people will just find another means of self entrapment. It’s extremely sad to think that their conduct will negatively affect the lives of thousands of employees who will now be left with no income or health benefits. Isn’t that comforting with the job market being what it is? I’m sure there are many job opportunities for these people…OR NOT!!! But please don’t complain when your tax dollars are helping to take care of these people when the unemployment runs out (if they receive any) and the jobs still aren’t there to be found. They can receive public assistance at yours and other taxpayers expense. So let me thank you for them for being in a secure enough position to be able to contribute to the cause. I guess now even you will have to lay in the bed you make. Oh, sweet victory…it doesn’t always taste so good does it?????
Who is this Suzie character that keeps posting cynical and very offensive comments about people that take out payday loans?
am i sensing that somebody didn’t read the fees associated with taking out a payday loan and was “scammed” and “taken advantage of” Suzie let me break it down into blue collar words for you because your limited intelligence may not be able to comprehend this.
when you put 28% beside 391% what looks better even if you don’t know ANYTHING about payday loans.. what looks better. A monkey would point to 28%. The verbage on the ballot was worded so that the most uneducated would vote against it unknowingly.
Carolyn and the others.Your forgetting one small fact. I didn’t put you out of business. The people of Ohio put you out of business. The legislators. The Governor. So you can focus your energy on poor little Snoozie -as you like to call me. Or you can look at the bigger picture. Your customers rejected your product. Be adults and stop pointing fingers and calling names. Go back and refine your product. It’s easy. You’re smart. You should be able to figure it out. Quit stomping your feet and listen to the consumers. Like McCain said,”The people have spoken,CLEARLY… VERY CLEARLY!” Turn your anger toward the mirror and take a good hard look. You’ll see who’s the bad guy here. My my my what sore losers. Wake up and grow up!
People lets not bash Susie, she is the EPITOME of the average Obama Socialistic voter. I saw a youtube video of some African Americans stating now that obama is in charge, they don’t have to worry about AND I QUOTE
“I don’t ahve to worry about paying my mortgage”
“I don’t have to worry about putting gas in my car”
Excuse me? where can i get some of this free money, Susie is as uneducated as the foamed mouth glazed over idealistic entity that is democratic America. a poster child for those fortunate enough to stomp on the little guy trying to scrape together a few bucks to feed their starving children.
Their Defense? just read Susies comments
“look in the mirror”
My god what is America turning into when people like that are given the right to vote, free speech and the like. We were supposed to be a society built by our founding fathers to give equal opportunity to every man woman and child. And through that we’ve birthed the rich and the poor and less then ideal conditions to pursue the American dream.
Wake up, little Susie. The customers didn’t reject the product, the product was rejected by people who don’t use it but who were fooled by an invalid argument put forth by opportunistic politicians and activists who bet they could get people riled up about “outrageous” interest rates and won. But the fact is that a 391% APR is NOT outrageous for a small-dollar short-term loan, which is the only type of loan most payday-loan customer qualify for. About 90% of that 391% interest goes to cover the cost of making the loan and to compensate for loans other customers default on, and that is why authoritarian APR caps simply take away the best option many people have and replace it with absolutely nothing.
Even Goodwill Industries and Prospera Credit Union, which offer a nonprofit payday loan, charge about $10 per hundred borrowed which is about a 260% APR. Their website is GoodMoneyStore.com.
Comments»
What this release says is exactly what I’ve been saying: payday lenders aren’t leaving. It doesn’t say Advanced America is packing up and moving out of Ohio. It says that they’re going to loan under the new law and do all of the other things that they’ve been doing, such as check cashing. Can some of the payday folks now admit that the 6,000 jobs argument and the “Every business that does payday loans in Ohio” will close argument are bogus?
I accept your apology.
Now Jeff, there you go again ignoring some of the important facts. If you read the entire statement, they are going to evaluate whether it is possible to be profitable with this new product. If it is not profitable, they will close all of there 244 stores and that will eliminate approximately 500 more jobs.
Now, we all accept YOUR apology.
Expecting all players to throw in the towel immediately is unrealistic. The job loss will occur over time – I believe I’ve read that over 200 stores in Ohio closed before the election. The trend will continue. Also, consider the ripple effect in the economy as the industries that service payday lenders lose business and dismiss their employees. 6000 may be a low number.
Well Well Well. The payday lenders lose again. I told you so! Now the small loans will work for you.LOL! You wasted millions of dollars and you lost.It was a landslide.You made your bed now lie in it. Bye Bye!
The voters spoke loudly. Where are the massive layoffs? PD lenders caught lying again.Use the small loan product or get the heck out of the state.The Governor, legislators & voters have all spoken. Listen this time and leave gracefully. Good riddance.
No, Susie. Pay day lenders did not lose. The real losers are their employees who may not have a job for long – any one who thinks that 28% apr on such small loans is viable does not understand finances – and the customers who wont have this as an option in case of emergencies. Pay day lenders will just gather all their money and invest it on some other venture that will make them richer.
I’m not saying there won’t be some closings. There’s no real need for 1,600 payday lenders in Ohio. But why would payday lenders pay for and apply for a license if they knew they were going out of business?
Prior to the election, everything that the payday lenders were saying was that, if the rate was lowered to 28%, every payday lender would close. Obviously, that’s not true. It was a smokescreen.
Payday lenders in pawn shops won’t close. Payday lenders in rent-to-own shops won’t close. Payday lenders that do a lot of check cashing, bill payment, lottery, Western Union, etc… won’t close.
As far as the payday lenders that will close (and I’ve always said that some will close), I’m not an economist, but I would imagine that the over $300 million that Ohioans will save in interest and fees will create quite a few jobs.
Again, thanks for the apology. Very gracious of you.
Ah Jeff, payday lending is gone. You won, the consumer lost. They will not do payday loans in pawn shops, rent-to-own shops or check cashiers. These are all different businesses. Anyone that needs a short-term loan in Ohio will now have to leave the state or go on-line with illegal lenders charging almost twice as much. Will anyone hear about about the people trapped by off-shore companies on-line? No, because you won and regulated payday lenders were kicked out of the state!
“Keep moving, nothing to see here”
Susie you are unbelievable. Obviously you are a very selfish person. I guess payday loans are a service you never needed which is fine but to be so inhumane as to not be concerned with the welfare of others is disgusting in itself. I don’t know which could be worse…your uneducated opinion of payday lenders and their customers or your obvious selfishness for those in need. You have obviously been blessed with financial comfort but that is not a reality in most peoples world…they do need help for situations that arise that require money beyond what their paychecks provide. As a result there was obviously a need for payday lenders. If this was an industry where there was wrongdoing then that lies on the consumers who abused the privledge and used them irresponsibly. Those who got themselves into a “cycle” are their own worst enemies. The industry didn’t force them to abuse them, they did that to themselves by overextending themselves. Rest assured those same people are also overextended on charge accounts, bank accounts, etc. Putting some or all of these companies out of business didn’t stop the “cycle”. These same people will just find another means of self entrapment. It’s extremely sad to think that their conduct will negatively affect the lives of thousands of employees who will now be left with no income or health benefits. Isn’t that comforting with the job market being what it is? I’m sure there are many job opportunities for these people…OR NOT!!! But please don’t complain when your tax dollars are helping to take care of these people when the unemployment runs out (if they receive any) and the jobs still aren’t there to be found. They can receive public assistance at yours and other taxpayers expense. So let me thank you for them for being in a secure enough position to be able to contribute to the cause. I guess now even you will have to lay in the bed you make. Oh, sweet victory…it doesn’t always taste so good does it?????
Who is this Suzie character that keeps posting cynical and very offensive comments about people that take out payday loans?
am i sensing that somebody didn’t read the fees associated with taking out a payday loan and was “scammed” and “taken advantage of” Suzie let me break it down into blue collar words for you because your limited intelligence may not be able to comprehend this.
when you put 28% beside 391% what looks better even if you don’t know ANYTHING about payday loans.. what looks better. A monkey would point to 28%. The verbage on the ballot was worded so that the most uneducated would vote against it unknowingly.
Carolyn and the others.Your forgetting one small fact. I didn’t put you out of business. The people of Ohio put you out of business. The legislators. The Governor. So you can focus your energy on poor little Snoozie -as you like to call me. Or you can look at the bigger picture. Your customers rejected your product. Be adults and stop pointing fingers and calling names. Go back and refine your product. It’s easy. You’re smart. You should be able to figure it out. Quit stomping your feet and listen to the consumers. Like McCain said,”The people have spoken,CLEARLY… VERY CLEARLY!” Turn your anger toward the mirror and take a good hard look. You’ll see who’s the bad guy here. My my my what sore losers. Wake up and grow up!
People lets not bash Susie, she is the EPITOME of the average Obama Socialistic voter. I saw a youtube video of some African Americans stating now that obama is in charge, they don’t have to worry about AND I QUOTE
“I don’t ahve to worry about paying my mortgage”
“I don’t have to worry about putting gas in my car”
Excuse me? where can i get some of this free money, Susie is as uneducated as the foamed mouth glazed over idealistic entity that is democratic America. a poster child for those fortunate enough to stomp on the little guy trying to scrape together a few bucks to feed their starving children.
Their Defense? just read Susies comments
“look in the mirror”
My god what is America turning into when people like that are given the right to vote, free speech and the like. We were supposed to be a society built by our founding fathers to give equal opportunity to every man woman and child. And through that we’ve birthed the rich and the poor and less then ideal conditions to pursue the American dream.
Wake up, little Susie. The customers didn’t reject the product, the product was rejected by people who don’t use it but who were fooled by an invalid argument put forth by opportunistic politicians and activists who bet they could get people riled up about “outrageous” interest rates and won. But the fact is that a 391% APR is NOT outrageous for a small-dollar short-term loan, which is the only type of loan most payday-loan customer qualify for. About 90% of that 391% interest goes to cover the cost of making the loan and to compensate for loans other customers default on, and that is why authoritarian APR caps simply take away the best option many people have and replace it with absolutely nothing.
Even Goodwill Industries and Prospera Credit Union, which offer a nonprofit payday loan, charge about $10 per hundred borrowed which is about a 260% APR. Their website is GoodMoneyStore.com.