Payday Pundit » Wall Street Journal payday lending http://paydaypundit.org News and Information About The Payday Lending Industry Mon, 21 Jun 2010 13:48:57 +0000 http://wordpress.org/?v=2.9 en hourly 1 OH, AZ initiatives get national attention http://paydaypundit.org/2008/10/28/oh-az-initiatives-get-national-attention/ http://paydaypundit.org/2008/10/28/oh-az-initiatives-get-national-attention/#comments Tue, 28 Oct 2008 11:22:50 +0000 Payday Pundit http://paydaypundit.org/?p=1777 Even the Wall Street Journal is now writing about the Ohio and Arizizona ballot initiatives: 

Now payday lenders are fighting back with the ballot measures. They are pouring $30 million into initiatives that will be on the Nov. 4 ballot in Arizona and Ohio, where payday-lending branches outnumber Starbucks and McDonald’s outlets combined. The two states have laws that kicked in this year that cap annual interest rates at 36% and 28%, respectively, effectively outlawing payday lenders, which have a business model that depends on average annual rates of 391%.

“Most people think eliminating a credit option in a time of credit crisis is a bad idea,” said Stan Barnes, chairman of Yes on 200, a political-action committee that is championing the Arizona ballot initiative. Yes on 200 is financed by the local affiliate of the Community Financial Services Association, a national payday-lending group.

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