An open letter to an Ohio legislator
March 23, 2009 | Ohio, industry, regulation | Comments (2)From Lawrence Meyers on Blogger News Network:
Dear Rep. Lundy:
I understand you are introducing a bill in the Ohio legislature limiting all forms of lending to an annualized interest rate of 28% with no other fees of any kind permitted. As everyone knows, due to the average default rate of 6% and average monthly store overhead of $8000, it is impossible for a payday lender to stay in business without receiving about $15 in revenue for every $100 borrowed. This is a fact. A simple one. I can show you the profit and loss statements of many payday lenders to prove it beyond the shadow of a doubt. As a former investigative journalist, you’d want those facts, right?
Your goal, apparently, is to put payday lenders out of business. “We want to make sure all the doors are closed and all the windows are locked shut, and it’s taken a lot of time,” you said.
My question to you, sir, is why do you want to do this?
The whole thing is a great read.
Comments»
Amen!! Let the people make the choice!! They know what it will cost before they get the loan!!
I Thought we lived in a FREE COUNTRY!! What next?? Will you tell us when we can and can not leave our home.. We can only use the restroom between the hours of 8 am – 2pm! I Mean come on people!! Let us make our own choices!
How is it the goverment wants to hand out money and say go spend it… It will help keep business up and running which in return people have jobs. And can buy homes etc…. well now with this payday loans new law these businees are going to be forced to close their doors and 6000 + people will lose their jobs, then their homes, go on unemployment and thats going to help this economy how???? I got to pee!! I”ll Pee!! at 12am