Comment of the day
July 31, 2008 | Ohio, regulation | Comments (0)From regular reader Jon Schultz:
I think a few essential points need to be communicated to the voters in a concise, easy-to-understand way:
1. HB545 would eliminate small, short-term loans from the marketplace by requiring that they be offered for a fraction of the cost of issuing them. The proponents of HB545 are trying to hide that fact, claiming they can be issued at a 28% APR, which they most certainly cannot.
2. These loans are the only type of loan which many people can qualify for. They help people in emergencies and also save people money on bank overdraft fees and other charges which dollar-for-dollar are much more expensive.
3. Customer satisfaction surveys around the country have shown that an overwhelming majority of borrowers consider the loans to be a useful financial service.
4. The government should protect consumers by ensuring that loans be offered in an honest, easy-to-understand way, but it should be up to consumers to decide if they wish to apply for a loan and the government should not take that choice away from them.
I know you guys know this already. Thanks for indulging my enthusiasm for this referendum
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