Payday Pundit

Checksmart is a national payday lending company headquarted in Oho.  CEO Ted Saunders made some frank comments to the Newark (Ohio) Advocate:
“Nobody is going to do business under what HB 545 created,” Saunders said. “I have 700 employees in the state, and I’d like to make a go of it. We have a window of […]

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Bellefontaine Neighbors is a dateline for this story out of St. Louis.   Looks like they passed some payday lending restrictions which this article fails to detail.
 

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As this story explains, one company tries a new product, another closes stores.  Only time will tell which was the right choice. 

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That’s what an Arizona industry spokesman told a reporter about looming payday loan job losses in Arizona.

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An in depth and balanced piece in Sunday’ New York Times Magazine.   It looks at the checking cashing/payday lending phenomenon through the eyes on one businessman, Tom Nix, of Southern California.  From the piece: 
Today’s financial crisis has many origins. But here’s one cause that is often overlooked: Traditional bankers badly misread the market for financial services in […]

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The Dayton Daily News is waking up to the fact that Ohioans don’t have great alternatives to payday loans. Here’s a quote from an Ohio Credit Union League official, Becky Hart: 
“Credit unions are not going to be the solution for everybody in Ohio,” Hart said. “We’re not trying to be payday lenders, but we do know […]

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At least one newspaper has the decency to report on the fate on Ohio’s payday lending employees:
Most employees at local payday lenders referred questions to corporate offices, but Paul Arcario, manager of Money Mart at 2238 Tuscarawas St. W, doesn’t believe supporters of the issue gave voters an accurate picture.
“I think the way it was […]

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The Chillicothe Gazette supports a YES vote on Issue 5 in Ohio.   After railing against the industry during the legislative fight, there was never a realistic chance that they would support overturning the law.
 

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The Akron Beacon Journal is for shutting down the payday industry in Ohio and the loss of 6,000 jobs.  From today’s story: 
The northeast Ohio newspaper says in an editorial Sunday that voting in favor of Issue 5 would prevent consumers from locking themselves into a cycle of debt.
A law passed earlier this year by state […]

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No kidding.  Here’s an article out of Lima, Ohio that makes that point in spades.

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