Ohio heat
April 17, 2010 | Ohio, industry, regulation | Comments (3)The Columbus Dispatch sheds light:
Payday lenders have hired 18 lobbyists, raised concerns about job losses and handed out hard-bound books to legislators featuring statements of support from customers.
But recent statements from legislative leaders indicate that the payday-lending industry’s full-court press might struggle to stop legislation that would further restrict fees on short-term, high-interest loans.
Comments»
I am usually pretty optimistic when it comes to our chances in this kind of thing, but this time I am pretty sure that they have us. While I am still in the industry and 100% understand the idea to run a business is to make money and profit. BUT I think that if we would have avoided the check cashing fees and kept it with cash they would be leaving us alone, or at least it would have taken longer to get us. This will pass and we will probibly all have to close because our greed made them come after EVERY fee instead of just the one that they are against!
I feel your pain, but they want us out of business. Not every payday lender charges that fee, they pay cash, IT DOESNT MATTER…they know that! This is what they’ve always wanted……an out and out ban…Why aren’t we as an industry screaming for the end of APR….It is not the correct way to calculate interest on short term loans that are not spread out at least a year and several economists agree! We live in a state of grandstanding politicians who are using this issue to show how they fought for financial reform without going after their billion dollar bailout babies the banks. Who oddly enough will still be able to offer their no risk cash advance products in Ohio… minus competition. A year from November no more Strickland the worst GOVENOR EVER..(ZERO CHANE OF GETTING REELECTED), and no more fake conservatives like Shannon Jones of Warren County(WHO ACTUALLY IS RUNNING THIS NOVEMBER and hopefully Jon Husted and Bill Batchelder will be forced to admit there bank bought phonies. Ohio needs an enema, we need to clean house and just maybe we can return this state back to what it used to be… unfortunately this is probably to little too late for our business. OUR ONLY HOPE IS TO CALL AND SIT DOWN WITH YOUR STATE REPRESENTATIVES AND VOICE OUR FRUSTRATION…
I actually have talked to my Senator on a regular basis. Met him the first
when I walked to his office at a Senate hearing and discussed the issues with him. He kept his word and was one of 3 Senators to sign in our favor. Talking to him this fall, he explained to me that he would probibly be 1 of 3 again, due to the fact that they are made that we found a way to stay in business.
On a side note, where I work we had places in Arkansas and we kept changing to EVERY new law that passed. It got to the point that we finally asked what we had to do to make them happy, and they told us that they wont be happy until we close our doors.
Unfortunantly I have reached a point that I believe I need to find a new job so that I dont have to keep worrying if the state is going to shut me down. It might sound cowardly, but I have a family to feed!