Impact of 36% cap felt in Ohio
January 26, 2009 | Oregon, best practices, customers, employees, industry, industry critics | Comments (0)They’re still writing about the impact of the 36% cap in Ohio:
Jennifer Kindel, market manager for Cashland offices in Northeast Ohio, said they’ve closed 40 locations because of the legislation, but she didn’t give a specific number of layoffs.
Kindel said the company provided the loans for periods between 14 and 30 days, charging a flat $15 fee for every $100, not charging 391 percent interest as was the claim. The higher interest figure came from multiplying the flat fee out over a year’s time, she said.
“We’re talking about a two-week loan. You can’t take the loan out for a year. To attach (an) APR (annual percentage rate) doesn’t make sense,” Ferguson said.
She said more than 90 percent of their customers pay back the loans on time. Those who don’t are offered an extended payment program. Customers can’t take out two loans at Check Into Cash at the same time, she said.
At this risk of being repetitive, the customer’s voice is missing from this story. What are citizens of Ohio doing to meet their short-term credit needs?
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