Tag Archive | "fight to save payday lending"

Industry is going all out to save payday lending in Ohio


They are stacking the deck against the payday lending industry, but we’re fighting back.  This Columbus Dispatch story captures the latest:

House leaders said the bill is an effort to deal with the debt trap associated with payday loans: Many borrowers repeatedly take out new loans to pay off old ones.

The industry, which has grown from 106 stores in 1997 to more than 1,600 today, says the bill would put it out of business. Payday lenders are pushing back with:

• More lobbying.

• More phone calls.

Senate offices reported getting between 50 and 150 calls apiece last week from payday-lending employees who, reading from scripts, urged defeat of the bill. “Thank goodness for caller ID,” said one staffer before sending another call into voice-mail.

• More visibility.

In addition to packing the hearing room for proceedings that stretched into last night, about 2,500 payday-lending employees and supporters rallied Tuesday at the Statehouse.

Posted in Columbus Dispatch, industry, media coverage, Ohio, regulation, statesComments (1)


Advert

TOPIC DU JOUR

PREVOUS POSTS

ONLINE LOANS

1PLs Company - Payday loans online and nearby Apply for $1,000, $5,000 or $35,000 cash advance

THE DEMAND FOR SHORT-TERM CREDIT