OxfordPress.com

By Casey

November 20, 2008 2:36 PM | Link to this

The APR varies greatly based on the loan term, ranging anywhere from 3,650% to 104% APR. The bank takes on little, if any risk, by offering these loans, because they have direct access to the customer checking account the moment the DD comes in to the account. “

WOW- 104 to 3,650 PERCENT!!! This is surely a wonderful alternative to a PD loan- UHHHH NOT SO MUCH!!
Umm, Bill Faith & COHHIO where’s the outrage about this?? Where’s the push to eliminate these types of loans & ridiculous rates?!

By Casey

November 20, 2008 2:32 PM | Link to this

Here are some details of Fifth Third banks’s payday lending “alternative.” TERMS:

·Credit limit is based on total of monthly DD (maximum of $500 or 1/2 of total monthly DD -whichever is less). · Fee is $1/$10 borrowed · A payment towards the advanced amount & fee is automatically made when the bank receives your next direct deposit. The bank will pay off any balance owed, up to the deposited amount, on the day of the deposit.” (Continued in next post)

By debbie

November 11, 2008 5:41 PM | Link to this

Traditional banks do not want the poor or working poor as customers and punish them with excessive fees.

The real rip off artist is not pay day lending but your mega bank.

Bankers call it turning rubber into gold. In the case of mutliple bad checks they bounce the big ones first instead of clearing them as they come in (as they did for years) or clearing the smaller ones. Trurning Rubber into Gold.

By susan

November 10, 2008 9:37 AM | Link to this

For all the people who had to look out for others and protect people “from them selves” who voted for this issue. I saw a friend at church yesterday, a single mother, who worked at a cash advance business. Her and about 16 others who worked for the same company have already lost their jobs. For those who voted YES, you can pat yourselves on the back and sleep good tonight knowing you put a single mother out of work. & yes there are jobs with about 200 appling for each one. Good job folks.

By Marie

November 8, 2008 2:16 PM | Link to this

Sadly to say this was set in place by the banking industry. Banks make profit off bounced checks and a lot of checks stopped bouncing once payday loans went into place. I had a friend that went over in her account because of an error. The cost $37, plus there was 5 day’s of over balance fee’s, at $6 a day. For one dollar, it cost her $67 dollars. Just because of a small balancing error in her bank book. Banks brag of these excessive fee’s making them profits, but payday loans cut into that.

By Me

November 8, 2008 11:12 AM | Link to this

To: keeping it real and unconcerned…..Who are you trying to kid? You both probably live in a basement bedroom at your mother’s house while she works to support you. You’ve probably never paid a bill in your life.

By Ticked Off

November 8, 2008 1:26 AM | Link to this

Ok..First of all, if it weren’t for Strickland sticking his nose where it should not have been, then we would not have this problem. Second, KY Check Exchange is one of the few companies who banded together to attempt to HELP customers a)get out of the cycle & 2) helped you pay off the loan in installments if you couldnt pay..many companies banded together in Ohio to offer this. As an X emp., I know. I had numerous people thank me for helping get out of it, and they knew they could count on us.

By Ticked Off

November 8, 2008 1:25 AM | Link to this

(cont) to help them. What it boils down to is that is just another scam by the Ohio government to rule our lives and take our basic fundamental rights from us. People were not completely educated on the issue…there lies the biggest problem with the vote. I hope you realize, the state has private info. stolen a few times, and now…all you private information is going to them.

By Got One over on the Loan Sharks!!

November 7, 2008 10:35 PM | Link to this

Just thought I would put my two cents in! Since it seems that everyone has their opinions out there in the open. I personally, have borrowed from these cash places in times of need, but I have also borrowed when I didn’t need them. It is a vicious cycle that never ends. I didn’t have the money going in to the place when I borrowed, so I had not intentions on paying it back. It was simple to get approved for a loan that I was completely unqualified for. The stipulations need to be tougher. Cont

By slomka

November 7, 2008 9:32 PM | Link to this

No handouts

You sir/mam are a complete idiot. I’m glad you went to school, worked 2 jobs, and blah blah blah. Some of us down on our luck, I mean down, have to go to a payday lender every once in a while.

What all you morons posting here don’t seem to realize is this—28% APR means roughly .07% you are charged daily for a payday loan under the new law. This means if you go and get a $500 loan, you would have to repay back $505.35 for a 2 week loan.

See the problem now?

By TKidding72

November 7, 2008 8:20 PM | Link to this

I think the payday lenders are full of it as far as not being able to make a profit at 28% hell they could go allot lower and still make a profit. I just think its funny that the payday lenders got targeted but all of the banks that charge that plus compound daily interest that shoots it far above 39% still get to loot and plunder. I guess the payday lenders wasn’t paying there dues to our wonderful politicians.

By payday loan software

November 7, 2008 6:30 PM | Link to this

Ashley, please that have bad credit cant get a bank account, so that is why payday loan stores are very helpful.

Why are people so concerned about the APR of a payday loan? The APR is not a realistic way of looking at a Payday loan. A payday loan is until your NEXT payday. $8 per $100 per week is a great deal when you compare it to returned check fees and late fees on utility bills. Do you ever hear about people losing their house because of a payday loan? No! They lose their house from credit cards that have ridiculous credit lines.

By Steven Saus

November 7, 2008 6:11 PM | Link to this

If so many people find it necessary to use these ursurers to live from week to week, then our wage structure, our billing structure, and our values as a society are horribly out of whack.

Using payday lenders to fix the situation is like using Twinkies to stave off starvation - a short term fix that doesn’t solve the underlying situation and makes things worse in the long run.

There are real problems here - but payday lenders are the worst possible solution.

By Sad Sack

November 7, 2008 5:31 PM | Link to this

Just another one of life’s choices ruined by Communist Pig’s. Allways wanting to tell others what to do. I don’t need Big Brother telling me how to live my life it’s MY LIFE MY MONEY!!!!!!!! If you don’t aggree then you dont beleive in Freedom and are Anti American!! What’s next going to tell me how many kids I can have or even when I can have them. Better job maybe if the Lazy bum’s skiming off the top from the top were paid what they are really worth instead of what they think their worth!

By Econ Nerd

November 7, 2008 5:24 PM | Link to this

Rob:

I would like to take that bet since the cost of funds for a bank are completely unrelated to the cost of funds for the payday lender. What are the stakes here? I’ve always wanted a pony.

By Bobby

November 7, 2008 4:45 PM | Link to this

It is my hope that the payday lenders who remain in Ohio will work hard to conform to the new law. Ohioans saw through the lies and deceptive advertisements of the payday lending industry and voted overwhelmingly to approve the reforms. Voters strongly repudiated over a decade of predatory lending and asked for a return to fair and reasonable small loan lending! I hope that materializes for Ohio’s consumers.

By keeping it real

November 7, 2008 4:40 PM | Link to this

LOLZ!!!!

By Hmm...

November 7, 2008 4:02 PM | Link to this

Nah, there no change in my couch. I keep it in a jar on my dresser. But, don’t worry about me and next emergency. I know I will have one, but I will be better prepared. Unlike you, I didn’t lose “ten of thousand of dollors in the stock market” so “now I have to put everything on credit cards”. People like are the ones who brought this country down by getting mortgages you couldn’t afford. Sad :(

By keeping it real

November 7, 2008 4:00 PM | Link to this

One last piece of advice for you (or anyone else using these message boards):

Do not use your real email address. You may end up having someone sign you up at a bunch of websites for free daily pornographic email messages or other garbage. I wouldn’t do that to you though, hmm….just sayin’

By Hmm...

November 7, 2008 3:54 PM | Link to this

Wow, that’s a lot of money you lost. You must be soo sad. I feel so bad for you… okay, I don’t feel bad for you :) Because any who plays the stock market, knows there is a chance they could lose their money. So, if your looking for pity, go someplace else.

By keeping it real

November 7, 2008 3:52 PM | Link to this

To Hmm:

One difference between me and you—I would never say throwing $15 away for nothing “didn’t bother me”. I am not a cheapskate but I respect my money and try to make wise decisions with it. Sorry if you don’t like the way I present the message…I use this name for a reason.

Good luck with your next emergency. I hope you can find enough change in your couch cushions to buy a can of soup now that your payday loan options will be limited/gone.

By Hmm..

November 7, 2008 3:51 PM | Link to this

Gee Whiz, Keeping In real… you very smart!! You must use credit cards all the time… Me wish could be like you someday… Hmm, maybe if I had a credit card, I would know that. But I don’t want a credit card, because their nickname is “Get is Debt” Cards. If I want something, I don’t charge it, I pay cash. A payday loan, like I said was simple and easy, and I paid it back within 7 days, AKA before it was due. Keeping in Real, please, enough. You don’t know everything so stop acting like you do

By keeping it real

November 7, 2008 3:48 PM | Link to this

And you know nothing about me (assuming that I have credit card debt or could not pay bills if I had a sudden emergency). I am not going to go into details here, because you would just accuse me of lying…but I did just lose tens of thousands in the last few months in the stock market, if that makes you feel any better.

By Rob

November 7, 2008 3:42 PM | Link to this

Here’s where we found out, huh? Basic economics suggest on a demand curve the lower the price, the higher demand for a given commodity. Since prices of these loans are coming down, it might well be that demand goes up. And I’d bet a lot more folks who are good credit risks would consider using the service at reasonable prices. I’ll bet anybody on this message board not a single one gets closed. If you can’t make money charging 28% when the Fed is only asking banks for 0.5% - come on.

By keeping it real

November 7, 2008 3:40 PM | Link to this

All I know about you is what you have posted here. You said you borrowed $100. If you had charged that $100 on a credit card, it would have probably taken a few weeks to receive the bill from that charge, and you would have had probably a month to pay it before any interest or late fees were charged. Total cost to “borrow” that $100?? ZERO. The fact that you were not bothered paying $15 extra dollars for no reason says a lot. A credit card (used wisely) is not a bad thing.

By Hmm..

November 7, 2008 3:31 PM | Link to this

And if I make horrible finacial choices, how was I able to survive for almost 6 months when my husband didn’t have a job? I don’t make the money to cover all of our bills, but I had money saved up!! If you lost you job for six months, could you survive? Probably not… You remind me of the popular kids in high school who made fun of unpopular people to make themselves feel better. So, Keeping it Real… do you feel better??

By Hmm

November 7, 2008 3:23 PM | Link to this

To Keeping It Real… Not poke fun at my personal choice. I don’t want a credit card, cause I don’t need to get myself into debt like people like you. And, personal loans, the smallest amount you can get, is 2500$, and I didn’t need that much money. I didn’t want to go thru the hassle to going thru the loan app process. I needed money right away, and paying back an extra 15$ didn’t bother me. So, Keeping It Real, why don’t you keepin your mouth shut about stuff you have no clue about. Okay??

By lax20

November 7, 2008 3:16 PM | Link to this

Payday lending is legalized loan sharking. Charging interest rate of 391%. Are you serious. Most of these shops were located in areas that took advantage of the impoverished. I would love to get a return of that magnitude, but I have a conscience.

By keeping it real

November 7, 2008 3:06 PM | Link to this

Hmm refuses to get a credit card or personal loan, but will willingly use a payday lender an interest rate 20-30 times higher?!?!?!?!

No wonder you struggle…you obviously make terrible (absolutely HORRIBLE) financial decisions.

(The truth is, you probably don’t qualify for either of the other 2 options.)

By Hmm..

November 7, 2008 2:58 PM | Link to this

And also, the people who work there are going to be losing their jobs. For those people making rude comments about the workers of payday loans losing their jobs, well… what goes around, comes around.

By Hmm..

November 7, 2008 2:55 PM | Link to this

Cont, and to prevent the horrible NSF, I went to a check cashing place and borrower 100$. Am I poor? No… but unlike most people, I refuse to get credit cards and I’m not getting myself into debt by getting a personal loan. Until you people “make fun” of the people who use the payday lenders, you need to walk a mile in their shoes. I voted “No” for issue 5, and proud because I think people should be able to make their own choices!!

By Hmm

November 7, 2008 2:47 PM | Link to this

I work next door to a check cashing place in Centerville. It’s funny to see most the people in there driving brand new cars, like BMWs. I make very good money, and have used payday lenders a couple times to prevent from going negative in my checking accound. My husband lost his job for 6 months, due to illness. I had money in my savings account to cover most of the time he was out… (cont)

By Good grief

November 7, 2008 2:46 PM | Link to this

Cashland is not a pawn business, nor will it be. Cash America is the parent company and they are a pawn business. Lots of PD companies applied for different licenses and sought landlord approval, but that doesn’t mean they are being converted into a pawn shop. Simply not true in Cashland’s case. FACT

By Just My Opinion...

November 7, 2008 2:44 PM | Link to this

Wow, how stupid…Chapter 13 means we repay our debt(we are paying at 100%). I’m glad that at least you know all the answers. Wish I could do everything right the first time like you.

By keeping it real

November 7, 2008 2:40 PM | Link to this

Pawn shops have usury laws that limit the interest they can charge (the maximum interest rate is lower than 28% by the way).

:themoreyouknow

By Wow, how stupid!

November 7, 2008 2:40 PM | Link to this

That is absolutely ridiculous! How in the world do people think that it’s ok to take out so many payday loans, then declare bankruptcy? You’re welcome for me paying off your debts that you racked up but couldn’t afford! People make me sick. Payday loans are a total rip off. It’s a nasty cycle that causes you to go deeper and deeper into debt. I’ve seen it plenty of times, loans taken out by friends that end up becoming a burden on them. If you’re really that strapped, find another way out!

By The Insider

November 7, 2008 2:21 PM | Link to this

Silly consumer, tricks are for kids! Cashland is now a pawn shop, not a cash advance store. They made all the changes (zoning, landlord approvals, etc.) pre-election. Now you bring in a small item such as a timex watch, etc. and they give you the loan on the same terms, interest rate etc. Nothing has changed.

By Just My Opinion...

November 7, 2008 2:12 PM | Link to this

We borrowed money for groceries. We were still strapped. living paycheck to paycheck. We ended up getting another payday loan to cover the first one. This process kept going for almost 2 years. We ended up using a total of 5 payday loans at one time. one day I got online and noticed (over 3 years ago) that they could not arrest you for not paying them. We stopped. We filed Chapter 13 and included them. I think this benefits friends and family that have to bail SOME borrowers out.

By keeping it real

November 7, 2008 2:07 PM | Link to this

HEY POOR PEOPLE COMPLAINING HERE…

IT WAS PUT TO A VOTE AND THE VOTE WAS NOT EVEN CLOSE—IT IS OVER—YOUR SIDE LOST—QUIT CRYING ABOUT IT AND GET A BETTER JOB!!!!!!!!!

!!!!!!!!!!!!!!!!!!

By linda

November 7, 2008 2:00 PM | Link to this

James, what people did before payday loans was max out thier credit cards, with some people just defaulted on them when they could not or would not pay them, causeing higher interest rates and stores charging more to make up for their losses. Yea, lets go back to that, it is such a better way to go. Yea, right.

By K

November 7, 2008 1:58 PM | Link to this

From time to time “we” need to take a step back and look at the way we budget our money or lack there of. Hard times are upon us but the concept of savings & budget is nothing new. A checklist of needs vs. wants is a good start. There are a lot of programs (for ALL ages) out there to help. Also, resource books written by people who have practiced what they are writing can help get you started..David Bach, Jean Bryant Quinn, Jean Chatzky. You can find these at your Public Library (for free)…

By James

November 7, 2008 1:56 PM | Link to this

Cash advance places are choking what america is built on - Hard Work.

Before these places started popping up, we found ways to make ends meet or pay bills, all we have to do is get back to that. There are a lot of states that don’t have payday advance places, and they are doing just fine without them

By Average Joe

November 7, 2008 1:48 PM | Link to this

Between the corrupt Northeast Ohio voters and the out of state casino owners 5 and 6 were both doomed. Have your car break down the day after your rent was due. You could have gotten enough money to fix it and pay it back two weeks later. Now just write the check and let it bounce. The service charges a bank charges are much more higher than what a payday lender would charge. Maybe they should control the banks so it wouldn’t take advantage of people too.

By ann

November 7, 2008 1:35 PM | Link to this

Unconcerned, you are the loser not us. FYI, I work 2 jobs, take care if my and my aging mother, I am far from lazy. If you really have such a house then good for you, you are either making alot of money or over using credit cards, which is just as bad if not worse then cash advance places. For those of you anti-payday loan people who are posting. if you are using your credit cards to pay bills or have what want now and cant wait, you are worse then those who get loans

By KCM

November 7, 2008 1:33 PM | Link to this

FOCUS on what else the government is going to decide in the future (under the guise of “paternalism”) that we can’t handl as adults. Restricting how much can be spent on food? alcohol? cigarettes? housing? gambling? clothes?

FOCUS on the fact that the OGA is intruding on our personal financial decisions— where does it stop???

The Issue of 5 was waaaay bigger than PD Loans >> it was about Financial Freedom of Choice, which I consider to be a Basic Right!

By KCM

November 7, 2008 1:27 PM | Link to this

“In truth, the typical payday advance customer represents the lion’s share of America’s middle class. A typical payday loan customer is a hard working, family raising adult who does not have savings or disposable income to use as a safety net when an unexpected expense occurs.”

The above could be ANY of YOU at some point due to life situations- layoff, illness/accident, divorce. If you don’t need it, pretty simple DON’T USE the service!

So sad that there so much ignorance about PD Loans

By Karen

November 7, 2008 1:19 PM | Link to this

If you’ve never had to use a payday lending institution then the issue would have not affected you at all. You can judge and be as critical as you want but it doesn’t help the people that are trying to make ends meet, despite their budgeting efforts, who have an emergency expense or need just enough money to buy gas, bread and milk (yes, you can get a $50 loan). All those voting against the issue, who don’t use these businesses, just voted to add 6000 people to the unemployment ranks.

By Kerri

November 7, 2008 1:16 PM | Link to this

(cont) Hubby just went back to work after a year of job hunting, making a whopping $8 to go with the $12/hr I make. That $100 payday loan meant I still have a home and a way for my husband to get calls from other places that may pay him more to do what he’s trained for, and will be paid back this week with the overtime I worked to make up for it. Gee, I can’t imagine WHY I might be a supporter of the payday lending folks…

By Kerri

November 7, 2008 1:13 PM | Link to this

Yes, I’m a terrible spendthrift. Two weeks ago, I had a severe illness that meant I missed 3 days of my 5-day work week. Since my employer doesn’t have paid sick days, it meant my usual $350/wk check was less than $200. This onn the week when I had rent due, cell phone bill due, and still had to put gas in my car as well as my husband’s, pay for groceries and incidentals (crazy stuff like toilet paper - what a pampered girl I am!). (cont)

By MH

November 7, 2008 1:12 PM | Link to this

Our Goal should be to have a credit score of zero. This is done by getting out of debt and paying cash for everything. And it does not happen over night it’s a process. The only big bill to have is for the house and hopefuly very soon you can pay that off. We need work on quit being slaves to the Financial world. MH

By Governor Ted Strickland

November 7, 2008 1:12 PM | Link to this

small business hopeful wrote:

“I had plans to put a payday lending institution next to the Casino. Now what am I going to do? “

Open a pawn shop or become a pimp instead. Both businesses will be thriving I am sure. If you happen to find an asian woman to be your ho, give me a call and we can do business. I gotz da YELLOW FEVA!!!

By carefree

November 7, 2008 1:10 PM | Link to this

As an X employee of Ky Check Exchange i am so glad to see they may shut down.It’s only “extra” money 1 time then your stuck in this trap. And god knows if you bounce they dont want your “payments” they want it all right now. These places dont care about the customer thats built their business they care about the bottem line! Learn how to treat your customers and you wouldn’t be in this spot. Worst company I ever worked for. I hope KY Check Exchange is the first to close its door!

By keeping it real

November 7, 2008 1:08 PM | Link to this

Here’s a suggestion for you people too poor to make ends meet. This one does not involve buying a bullet and renting a gun. Get a job at the grocery store stocking shelves. You get paid a little above minimum wage, and as a bonus, you can eat as many peanuts and loose grapes as you want. (Saves you big money on food each month!!) You can also dent the cans of Spaghetti-O’s and buy them later at a deep discount. I’m sure I can think up some more ideas to help you less fortunate people later.

By rj

November 7, 2008 1:08 PM | Link to this

They will simply move to Indiana, Pennsylvania, and Kentucky and take their jobs with them.

By small business hopeful

November 7, 2008 1:07 PM | Link to this

I had plans to put a payday lending institution next to the Casino. Now what am I going to do?

By Disgusted by insensitivity

November 7, 2008 1:07 PM | Link to this

B/C it’s hard enough to find one job right now have you looked at the classifieds lately? I am fortunate enough to work for a fantastic company making a decent LIVING wage and while I struggle at times, I certainly meet my finacial obligations and raise my two children on my own. But, jobs are scarce right now and a second job isn’t always possible especially if you are paying all or most of it to daycare or a babysitter.(2nd shift daycares 225 a week for one child is the average in Dayton)

By ann

November 7, 2008 12:51 PM | Link to this

I found credit couseling helpful, it was better then just walking away. What gets me is people talk about there being jobs out there, yes there are jobs but they pay less then $10 an hour and it is difficult to live on that. I was working 3 jobs over the summer just trying to keep my head above water and that was just paying rent, utilities, food, car insuance and gas. it was tough and I got behind. Payday advances helped me when I first started the job I;m at now to keep the elec on.

By Unconcerned

November 7, 2008 12:51 PM | Link to this

Why dont you people stop whining and get a 2nd job to help!? Too lazy?

By Disgusted by insensitivity

November 7, 2008 12:48 PM | Link to this

There is a huge difference between minimum wage and a living wage. People work at minium wage & try to support their families. Once you are working, there is no heathcare, little or no foodstamps, housing assistance, ect. I agree that PDL are predatory, it’s part of the poverty trap we have in this country. We need to concentrate on how to overcome that rather than bickering whether or not this is a fair law for the PDL companies.

By Deb

November 7, 2008 12:46 PM | Link to this

Ann, yeah-credit counseling, what a joke, wouldn’t you agree? I tried that, and when I finally got a good-paying job, and was looking into buying my first home, I was told I had to get out of it. Never saw interest rates jump up so high so quickly! It was sickening. Nothing ruins your credit as quickly as credit counseling. I would suggest filing bankruptcy to someone in real financial trouble before c.c. Neither are ideal, of course, but we do what we have to do to survive, right?

By Unconcerned

November 7, 2008 12:45 PM | Link to this

I voted YES and proud of it! I make enough to afford my 4bed/3bath home. Any of you need any of my money? Sorry, loser!

By Deb

November 7, 2008 12:41 PM | Link to this

Get a Life, you’ve probably never had to deal with financial heartach yet, and I mean real financial heartache! I applaud you for doing well, and being smart with your pay, but you have no right to tell other intelligent people they would all be better off if they knew how to spend wisely. You have no idea what’s going on in other peoples’ lives, it’s insulting to our intelligence, and it’s incorrect.

By stuggling

November 7, 2008 12:40 PM | Link to this

I do not have any extras just gas, elec, rent, ins. I graduated and went to tech school, so I am educated, but cannot afford to make more than 1200 month, cause my childcare will go up, alot!!! I have to refuse raises! If you are poor, it is a lose lose situation! At least with PDL someone was there to help when we needed it. Churches help SOMETIMES, and usually you need to be a member or know a member. So if you voted yes on 5 - Bite Me! & tell my kid sorry when she is hungry or no clothes

By ann

November 7, 2008 12:38 PM | Link to this

Thaks Deb, I think I was just focused on getting out of debt. some of the cards I turned over to credit couseling to pay off, which how they were closed, others were from not using them.

By stuggling

November 7, 2008 12:37 PM | Link to this

I make 1200 month. my bills are 1200 month. I do not have any extras just gas, elec, rent, ins. I graduated and went to tech school, so I am educated, but cannot afford to make more than 1200 month, cause my childcare will go up, alot!!! I have to refuse raises! If you are poor, it is a lose lose situation! At least with PDL someone was there to help when we needed it. Churches help SOMETIMES, and usually you need to be a member or know a member. So if you voted no on 5 - Bite Me!

By Deb

November 7, 2008 12:34 PM | Link to this

To Linda, don’t ever close a credit account. Cut the cards up, but keep the lines of credit open, it will increase your FICO score!! To Get a Life, why don’t you get a life! You are in a dream world, buddy, with no perception of what can happen in the REAL WORLD. You can’t really believe your own words, I mean, that would make you ignorant, which isn’t an insult, but a sad fact!

By ann

November 7, 2008 12:29 PM | Link to this

get a life: you stated before you make 25=30K a year and now it’s just 25, well that is more then I make. and if you can live without the car and take the bus why don’t you? if you are as fruigle as you say you would take the bus and spend less on gas, car care and insurance, or do you even have car insurance?

By factsnothype

November 7, 2008 12:29 PM | Link to this

Stretch pay is 18% plus an annual fee of $70…how do banks and credit unions get away with labeling these charges as fees and not interest but no other industry does?

By linda

November 7, 2008 12:20 PM | Link to this

I think credit cards are worse then payday loans. More people get them selves in trouble with them and either don’t pay them or finding them selves having file bankruptcy because they fell on hard times or over extended themselves, and the card company is out the money. People just accept credit card debt as part of “the american” dream so that makes it alright, but debt is debt. Next thing the state and do gooders will want to regulate credit cards and thier usage.

By Get a life

November 7, 2008 12:16 PM | Link to this

Ann: read the other posts before accusing me of lying. I would be able to live without a new car by taking the bus. I never said I did both. And living paycheck to paycheck on 25k is not a luxury. After all deductions I bring home just enough month. Just because I am able to make ends meet week to week doesnt mean I am wealthy. I dont have cable/dish, I rarely eat out, I get what I need at the store and nothing more. Im smart with my money. If everyone else was too, they wouldnt need these loans

By linda

November 7, 2008 12:16 PM | Link to this

David, I for one am not mad at the state, it just that we as adults should be able to make our own choices, good, bad or indiffrent. People talk about what a trap payday loans are but what about credit cards? how many people reading and posting here have credit cards and how many are maxed out? One thing I did was pay my off, then cut them up and closed the accounts as it was to easy to get something we really didn’t need because we could. I missed the cards at first but not any more.

By Deb

November 7, 2008 12:15 PM | Link to this

I meant to say Payday employees, not Payroll.

By linda

November 7, 2008 12:12 PM | Link to this

Ann, glad to see I am not the only one who noticed about the posts.

By Deb

November 7, 2008 12:10 PM | Link to this

Get what u deserve-Payroll employees make more than minimum wage. It actually wasn’t that bad of pay. FYI. However, the work was very depressing and demanding, and if you did in-store collections, like I did, including home and work visits-(scarrrry!) then it’s underpaid, no matter how much you make.

By David

November 7, 2008 12:08 PM | Link to this

I voted no on issue 5 and yes on issue 6, why you ask? it’s all about jobs for Ohio. Interest groups such as other casinos in Indiana and the state lottery commisions are pouring in millions of dollars to mislead people that passing issue 6 is a bad deal for Ohioans, but the reality is they are the ones who will loose millions in revenue and they will do anything to stop issue 6, even it means costing Ohions 6+ thousand jobs and tens of millions of dollars in tax revenues that could help us al

By ann

November 7, 2008 12:04 PM | Link to this

To Get A Life: Your posts are very different from each other. You posted earler you make 25-30k and now you say to live paycheck to pay check, I would love to live paycheck to paycheck on 25-30K. You also previously stated you have a new car and now you take the bus, so which is it. You are full of sh—A peon is the low man down, a servent, if you feel you are “servitude” then that is your problem. It is obvious by your posts you have issues.

By u_get_what_u_deserve

November 7, 2008 12:03 PM | Link to this

We are all political slaves, if you voted for anything than your probably dumber than most. Popular votes don’t count only Electoral College and they are not cast based on the popular vote. Second of all, payday lending is a scam, the 6000 employees that are going to lose that big $6.00/hr job can go work at McDonalds and make the same $6.00/hr. This country is screwed because of brain-washed middle class Americans that are too stupid and lazy to take a stand against organized political crime.

By u_get_what_u_deserve

November 7, 2008 12:02 PM | Link to this

We are all political slaves, if you voted for anything than your probably dumber than most. Popular votes don’t count only Electoral College and they are not cast based on the popular vote. Second of all, payday lending is a scam, the 6000 employees that are going to lose that big $6.00/hr job can go work at McDonalds and make the same $6.00/hr. This country is screwed becasue of brainwashed middle class Americans that are too stupid and lazy to take a stand against organized political crime.

By David

November 7, 2008 12:00 PM | Link to this

why are so many people get mad at the state when the people are the ones who voted for issue5? It’s you the people who voted and the majority wins, that is democracy and it is not perfect.

By Deb

November 7, 2008 11:51 AM | Link to this

Ok, one last thought; I am sooo grateful that I wasn’t in the middle of borrowing right now, because all it would take is ONCE for me to walk in, be turned away and then watch the checking account go down like dominos! People are very blasai (sorry, Shirley if I misspelled, lol) about this subject until you are there, in that moment. It’s a very, very scary place to be. Ya wonder why some ppl just lose it and freak out!

By Get a life

November 7, 2008 11:42 AM | Link to this

Peon: someone held in servitude to pay off a debt; someone of a low social status. Me saying we are all peons to our government has nothing to do with a lack of confidence or esteem. I have been in the situation of not having a job. Been laid off 2 times. Did I let it get me down? No. I sucked it up and got a new job. Theres jobs out there, you have to be willing to look for them. I live paycheck to paycheck making ends meet. I can live w/o a new car by taking the bus.

By Deb

November 7, 2008 11:38 AM | Link to this

I managed Check Into Cash in Riverside for 3 years, and as depressing a job as it was, I have had to borrow myself in the years since. I can tell ya, it’s not the smartest thing to do financially, however, it has helped me pay my rent and keep my apt. As long as I knew I was able to keep up with it, it was to my own detriment, not for someone else to decide! What other options did I have? No rich daddys or uncles, no one but my to take care of me!

By keeping it real

November 7, 2008 11:38 AM | Link to this

Payday lending places are just another example of the man trying to keep a brother down.

By Deb

November 7, 2008 11:34 AM | Link to this

Ashley, dear, not all of us our able to walk into a Credit Union, and just get a loan. I used to have perfect credit, but after losing a job as a bankruptcy specialist, ironically, then being forced to file myself, ruined my credit.I am not a different person, however, I am snubbed at my current credit union, DayAir C.U. They will take my paycheck direct deposits, but won’t grace me with even a small signature loan to combine a couple of high interest credit cards.This is our society.

By keeping it real

November 7, 2008 11:31 AM | Link to this

It’s amazing to me how many payday loan customers have come here to express their support for these companies. It reminds me of the “Stockholm syndrome” seen in some hostages.

By ann

November 7, 2008 11:31 AM | Link to this

It sounds like “get a life” needs to get a life as they are way out of touch with the “real world.”

By linda

November 7, 2008 11:30 AM | Link to this

(cont) good. I have my faults and short commings and I wear them with pride and I am confident enought with my self that I can admit to them, own them and move on. I may not have a new care, a fat savings account and make 25-30K a year but I don’t need all that to feel good about my self, it may not pay the bills but I sleep well at night and I am very happy with me. Are you happy with you? Can you be happy without your new car and nice pay check? Give up and see how confidnet you are then.

By linda

November 7, 2008 11:24 AM | Link to this

To Get a Life. I may lack finacial wealth but I far from lacking in the self confidance department, and yes your comments are very much condesending. To call one’s self a “peon” has far more self confidance, self respect and self esteem issues then I or anyone else could ever dream of having. You come across like “look at me I make good money and have a new car and never bouce a check and never need a cash advance, so I am so much better then you. I’m glad I don’t need to make my self look that

By Jewel Voted Yes on 5

November 7, 2008 11:24 AM | Link to this

I have seen the negative consequences of this cycle first hand. I have had clients that cannot dig themselves out of the vicious cycle of borrowing. Once you pay what you owe you are forced to come back the next day to borrow enough to pay your bills. Do I think that there should be an interest rate cap? Most definitely. There has to be a balance. Payday lenders are “loan sharks” and loan sharking is an illegal practice. And yes I have lost a job and had disconnect notices.

By g

November 7, 2008 11:22 AM | Link to this

@ DEB : thats what Im trying to say

By Deb

November 7, 2008 11:19 AM | Link to this

And another thing, guess what else we just lost—anyone? anyone? 6,000 potential job-loss. And anther 6,000 potential jobs to the casino issue. That’s 12,000 jobs Ohio just lost because this majority of Ohio citizens feel they should tell the rest of us how to spend our money. It makes me sad and scared at what else is to come in the future with more and more of our freedom being stolen from us.

By keeping it real

November 7, 2008 11:19 AM | Link to this

To “Shirley-Ohio”— Your use of quotation marks is inconsistent and incorrect (you forgot the quotation marks around the incorrectly spelled “realise”, and did not put quotation marks around the correctly spelled words).

Do not capitalize “Pay Day”, and make it “payday” instead. Your last sentence is missing a comma after “luck” and should have a period after “hole”. Capitalize “how” and throw in a question mark at the end, or you can take your own advice about returning to first grade.

By Deb

November 7, 2008 11:14 AM | Link to this

And another thing, there goes more of our rights. We just lost our right to choose how WE SPEND OUR OWN MONEY-HELLO!!!!???

By Get a life

November 7, 2008 11:13 AM | Link to this

Linda: Its not called condescending, its having self confidence. You taking offense to what I am saying shows a lack of self confidence in you. I am no better than anyone else. Im a peon to this government we have just as everyone else is.

By linda

November 7, 2008 11:12 AM | Link to this

To Susan: Here, here, well said. Wait until people like “Get a Life” has thier life fall apart, our lose thier job without warning, which happen to me. I even know someone wrongfully terminated because of thier religion. So just when you think life is good, it comes around and bites you in the a—.

By Deb

November 7, 2008 11:11 AM | Link to this

Yeahhh, Tips: Let’s just hope, for your sake, that you are never put into a financial bind. Guess what, your life can change in one day by losing your job and having to dip into your savings to pay your bills, or your mortgage. What happens in this grreeeat economy of ours, that say you can’t find that nice-paying job you once comfortably had, and that unemployment runs out in 6 months, and there’s no more savings, no more 401k, no more credit. Dont judge till ya walk a mile in another’s shoe

By linda

November 7, 2008 11:08 AM | Link to this

To Me: Thank you most kindly. :) I saw in the paper the jobless rate is up 14%. I hope some of those who voted for Issue 5 is out there looking for a job when those working at the closed up cash advance places are out looking, talking about a tough job market. I feel for those who lost their job becuse of the “do gooders” who think they need to protect people against them selves. There is some serous Karma out there waiting for those people. OUCH!!!!!!

By g

November 7, 2008 11:08 AM | Link to this

yeah, closing the loop holes to Freedom… :(

By susan

November 7, 2008 11:05 AM | Link to this

It’s really easy to judge others when your life is good and you have no worries. things are not all black and white. wait until your life falls apart and you don’t know how to feed your kids, etc. be tolerant of others, and be thankful for what you have, and remember it can all change in a minute, and you might be the one needing a loan.

By linda

November 7, 2008 11:03 AM | Link to this

(cont) it on less, don’t think for a minute we are less then you because of that. Just because I dont make 25-30k like doesn;t mean I can’t adjust to raising prices, I just have learned to better at it then most, by checking all prices and knowing who has the better price on things. And no matter how good you are at budgeting, when something unexpeded happens and you don’t have the money, all the good budgeting in the world is not going to help