Though provoking piece on NPR about payday lending in Ohio. You can hear the entire podcast at NPR. The article is speaking out against the state government’s intervention and rate caps. Good excerpt: “Everything else equal, suppliers of goods would rather collude with each other to set a high price,” DeYoung says. The cap basically […]
Category Archives: Ohio
Hearing on Ohio lenders this week
There is a hearing scheduled this week for the remaining 835 lenders. Since the state capped interest rates at 28%, lenders began to operate under an alternative law. Since this law, almost 50% of lenders in Ohio have stopped giving loans. You can read more in the Dayton Daily News.
Posted in Ohio
More good comments
These comments come from the Canton Rep. “The only difference I see between Pay Day lenders and loan sharking is the latter is illegal and the former should be. If you can’t make a decent profit off of a 28% rate of interest you’re obviously in the wrong business.” Retired Banker________ “Retired Banker: I’m surprised […]
Posted in Ohio
Wisconsin payday law too extreme to pass
36% has come to pass in a few states. In Ohio, they’re fighting for their lives with Ohio HB 209. Wisconsin is doing the 36% dance. Here are some good comments from New bill confronts payday loan industry: “This story does not share the argument of payday lenders, who favor reform in Wisconsin. The problem […]
Also posted in Wisconsin
Ohio lenders hanging in there
Ohio has been a pretty hairy situation. An article in Cleveland.com titled “Democrats seem in no rush to fix Ohio lender loophole.” by Thomas Suddes. Among other things, he had this to say: “Lenders say they told legislators in 2008, and legislators understood, that lenders would indeed substitute mortgage and small-loan borrowing for the banned […]
Posted in Ohio
Ohio in a nutshell
This was taken from a radio interview in Ohio. Here are the parties involved: Ted Sauders is the CEO at Checksmart. Lundy is the Ohio Rep that’s sponsors the new bill that will put lenders out of business. Rick Jackson is the interviewer. Jackson: What happens to you and your company if 209 passes? Saunders: […]
Posted in Ohio
The Ohio Plain Dealer is an annoying newspaper
Ok. I get it. Ohio voters voted to stop payday lending. Is this fair to the 20% (I’m pulling this number out of the air) of the population that use the payday product? Absolutely not. Voters unloaded on the industry b/c of the bad PR payday lending gets. Read this editorial, if you want to […]
Posted in Ohio
More on new Ohio bill
Lundy’s bill is missing a Republican co-sponsor in a largely Republican Senate. Its a very ticky-tack law, so any legislator with common sense would stay away. Here are some of the low-lights: Make it harder for payday lenders to evade the law through alternative licensing by capping loans of $1,000 or less at the state’s […]
Posted in Ohio
Ohio heats up again
Legislators are not happy with short-term lenders in Ohio. Today, lenders in Ohio charge a small fee on a loan and then, many, will cash the check for a fee. Some lenders cash it as a convenience. The essense of the bill is to stop short term lenders from getting licenses under other statutes that […]
Posted in Ohio
Fair and balanced article about the state of cash advance loans in Ohio
It’s unfortunate that in Ohio, you can’t call a cash advance a payday loan anymore. Sure it’s just a name, but it perpetuates the reputation of a payday loan as something bad. This article, at Cincinnatti.com is titled “Payday Lenders Drying Up“, is 4 pages long; but does a nice job showing both sides of […]
Posted in Ohio
