Ohio update
August 6, 2008 | Bill Faith, COHHIO, Columbus Dispatch, Ohio, customers, employees, industry, industry critics, media coverage, states | Comments (0)The latest from the Columbus Dispatch:
As expected, Ohioans for Financial Freedom, the group of payday lenders that wants to overturn at least part of House Bill 545, is coming out of the gate fast and spending heavy on its advertising campaign, including a number of spots expected to run in Ohio during the Olympics.
The first ad will feature a man who says Ohio politicians are risking 6,000 jobs by shutting down payday lenders. He then points to his old truck, and says it should be his choice to borrow $100 and pay back $115 on payday if it breaks down. He asks viewers to sign the group’s petitions.
The ad highlights what are likely to be two common themes for payday lenders: financial choice and saving jobs. The industry has said that if the new law goes into effect, most of its 1,600 lenders will shut down because they cannot operate under the new 28 percent annual interest rate, which is down from the current 391 percent ($15 per $100 on a two-week loan.). The proposed referendum would allow the current interest rate to continue.
Sounds like Ohioans for Financial Freedom are off to a great start.
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