The wrong standard
June 5, 2009 | Ohio, industry, positive media coverage, regulation | Comments (0)Tim Miller at the Center for Consumer Freedom strikes again:
Legislators and interest groups’ judging two-week payday loans by an annual percentage rate standard is as senseless as comparing a hotel’s nightly rate to a 12-month apartment lease (“New Ohio bill seeks payday lender crackdown,” June 3). Is a hotel a “predatory hotel” because it charges $154 per night? That’s $4,620 per month, or $56,210 per year! You can rent a studio apartment in Columbus for about $500 per month. Using the same price cap proposed for short-term loans, the $154 room rate should be set at a maximum of $16 per night.
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