Category Archives: Ohio

Lawrence Myers open letter to Ohio Rep. Matt Lundy

I think this is a very good letter by Lawrence Meyers. Please check it out here. The Ohio legislators are taking the moral high ground on payday loans. They’re obviously not looking at the facts. You have to question their motives when they are so adamant in getting rid of payday lenders. The Red Herring […]

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Ohio legislators bouncing around ideas

There’s talk of a few bills out there that would make a cash advance even tougher to give the Columbus Dispatch reports, “Bill planned that would target payday lenders’ loopholes.” Rep. Matt Lundy is proposing a bill that would make loans less than 90 days impossible to give. Any proposed bill will stop lenders from […]

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More Ohio banter

I thought this was an interesting quote in the Hudson Hub Times: A Democratic state lawmaker who sponsored legislation last year to limithigh-interest payday lending said March 11 he was embarrassed that thestorefronts continue to operate throughout Ohio. Why would a state government want to put an industry out of business? Why stop at 28%? […]

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More waves in Ohio

The Columbus Dispatch writes that there are over 1000 payday lenders operating in the state of Ohio. The article is incorrect in it’s assessment that interest over 28% is being charged on these loans. The APRs are over 28%. Regardless, some consumer advocacy groups are asking the state to change the small loan and mortgage […]

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Attorney General speaks out in Ohio

Attorney General, Richard Cordray, speaks up in Ohio. It seems they have an issue with the new business practices of the former payday loan companies. The big issue, at the center of all this, is that lenders are cashing checks from the proceeds of a loan for up to 10% of the face value and […]

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More Ohio Drama

Anyone that’s following the Ohio drama knows the situation. I have two smaller issues and a bigger one with this article. Small issue number is that the law prohibits lenders from charging interest rates above 28%. An annual percentage rate is not an interest rate. The APR is the present value of the future cash […]

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Ohio’s Payday Alternative Model Under Attack

In Ohio a bill was passed to cap interest rates. Fortunately, for short term lenders, this cap does not apply to annual percentage rates. Lenders, formerly offering payday loans, are offering loans under two seperate laws that allow for certain fees to be charged in connection with a loan. These fees range from 15-25 dollars […]

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Ohio Payday Alternative Model Becomes an Issue

Ohio capped the rates at 28% and the people voted down payday lending last November. No longer will anyone charge more than 28% annual interest on a loan. Now, there is a payday loan alternative. Some feel as if the people had finally spoken, but this doesn’t mean they got it right. I’m sure many […]

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Banks offering payday loans in Ohio

I’m a little shocked to learn that after the state of Ohio tries to put payday lenders out of business, they allow banks to offer payday loans above the 28% legal limit. Why didn’t this information come out before the election? You don’t fill a credit gap by putting an entire industry out of business.

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Were the Ohio and Arizona payday campaigns too deceptive?

The question posed in this article: “Why do political consultants so often choose a deceptive argument when an honest one would do just as well?” Of course, hindsight is always 20/20, but there is something to be said about fanning the flames. You can’t say the campaign failed from a lack of effort. The PDL […]

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