Wisdom from an Ohio citizen
June 20, 2009 | Ohio, industry, regulation | Comments (1)In the Hamilton Journal-News:
Regarding the call about payday lenders: I agree with the lady who said they are there for people when the banks and other lending groups turn their backs on working-class people who are trying to make it. Payday lenders provide a service, that — believe it or not — is cheaper than what the bank offers, in some cases. … I don’t understand why everybody is after the payday lenders. They need to be going after the banks who got our bailout money but refused to lend to us. …
Comments»
I agree on both sides to an extent to the loans. I think that the structure of the loans are good, BUT I do not like the fact that they are now giving checks that you can take with you or cash it for a fee at the loan office.
Especially when I hear places say ” most banks will put a 7-10 day hold on the checks”. By writing a check and charging a fee to cash it does not provide a service for the customer, just an extra burdon. My bank will cash the check for free, but I feel sorry for the poor folks that believe that their bank may put a hold on it, Heck, take it to Wal-mart, they will cash it for $3.
I also dont like some of the marketing that they do, calling inactive customers that are out of the “cycle of debt” or to send them $25 coupons so that they start loaning again.
One company charges MORE now than before. If you cash your check there , you get $100 and have to pay $124. Thats ALOT more than the $115 that you used to have to pay.
I think the “credit investigation “fees. I think that this day in age you have to protect your assets and checking to see if they have screwed over other payday lenders in the past.
Before I get any negative feed back from anyone, I have gotten loans, but its very limited. I might get 1 every 2 or 3 months and I am never late. I just think there are some things that they need to change. I would so love to just go back to paying $15 for every $100. Thank you Governor Strickland.