Payday Pundit

Payday lenders in Ohio are facing a bleak future.  Tax paying businesses shuttered, leases broken, employees laid off.  It’s scary how quickly the government can take one’s livelyhood away.

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The Phoenix Business Journal reports that “200isNoReform.com” is now “Arizonians for Responsible Lending,” yet another branch of the Center for Responsible Lending and is working to strip Arizonians of their financial choices by capping payday lending at a 36% annual interest rate. The Payday Pundit has said it once and will probably have to say […]

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This silly editorial tells legislators to ban payday lenders because a poll done by a Left-wing union says people have a “negative view” of payday lenders. 
Of course, trust in the media, according to public opinion polls, is at 36%.   The Payday Pundit awaits an editorial in the Plain Dealer calling for the Ohio Legislature to ban […]

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With  songs such as “Freedom” and “Save our Jobs” chants in the background, reporter Bill Cohen reports on the “massive rally” earlier this week with the “folks who own and work at the stores who came from across Ohio.”
With soundbites from D. Lynn DeVault (CFSA president), Jamie Frauenberg (Checksmart Sr VP), Karen Findlay (Advance America […]

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The Ohio House of Representatives has passed a bill that would ban payday lending in Ohio. The Senate will debate the bill next week.
Why should you care? If this bill passes, payday lenders will close their doors in Ohio. Even if you’ve never used a payday loan and don’t plan to, do you think the government […]

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This could be a record.  The Payday Pundit is posting TWO fair and balanced stories in a row.  This one out of the Morning News in Northwest Arkansas carries the amazing headline: “Banning Payday Lending May Hurt Some.”   No kidding.
And the reporter, John Henley Jr. actually talked a customer and described his situation:
He has worked for the same […]

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Thanks to Dave for sending the following to Payday Pundit…
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New Hampshire is on the verge of banning payday loans. I own a payday loan office in Manchester, NH. The following is a letter one of my employees wrote to address this injustice.
Guest Shot: Appalled at Legislatures effort on payday lending
February 22, 2008 6:00 AM

I am a payday […]

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Nice to see a consumer blogger playing it straight.  This Seattle Post Intelligencer blogger picks up Check into Cash’s announcement with no commentary.   It’s also picked up by BizJournals.   Maybe politicians will get the message that a 36% rate cap IS A BAN. 

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The National Center for Policy Analysis has a short article on the high costs of bounced check fees and the negative impact of payday loan bans.
Read “Bad Bounce”

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In The Herald this morning — a paper out of Sierra Vista, AZ — state Rep. Marian McClure, an Arizona legislator who wants to ban payday lending in that state compared payday lending stores to marijuana shops.  She stated:
 “A lot of people would like to have marijuana shops,’’ she said. “And I guarantee you if we […]

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