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Payday loan petitions spark controversy Friday, August 22, 2008
Controversy continues to swirl around some petition circulators on the streets. We're talking about the ones who are helping Ohio's payday loan stores mount a ballot initiative that could eventually let them keep charging a much higher interest rate than a new state law would allow. WKSU's statehouse correspondent Bill Cohen reports:
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Listener Comments:
It's just like any other form of borrowing. If you're irresponsible, you're going to be the one holding the short straw in the end. I've gotten a payday loan before, paid if off on time and no problem. Posted by: Steve (Canton) on November 15, 2008 11:21PM
JOHN IS RETIRED AND I AM LIMITED IN THE WORK I CAN DO BECAUSE OF AN AUTOIMMUNE DISEASE.IF THEY TAKE AWAY THE PAYDAY LOANS THAT MEANS NO MEDICINE TO US.WE CAN'T AFFORD NEW GLASSES FOR JOHN AND I HAVE CATARACTS WHICH I CAN'T AFFORD TO HAVE REMOVED.PLEASE DON'T TAKE AWAY THE PAYDAY LOANS.WITHOUT THEM WE'D BE IN A WORSE PICKLE THAN WE ARE IN.THANK YOU FOR A VOICE IN THIS MATTER Posted by: John (Logan Co. Oh.) on August 30, 2008 11:11AM
I signed the petition because I think people need to decide for themselves on this issue. There has been so much spin and hype around the debate on payday lenders. This piece is a perfect example: itβs based on claims alone. There is no proof, no one claiming they were bribed into signing a petition. It assumes we are so naive as to believe this assumption just because it was printed. Posted by: Josh Stone (Springfield) on August 26, 2008 6:27PM
WITH A 28% CAP ON A $500. THEN, THE TWO WEEK LOAN FEE WOULD
BE $5.85. OHIO'S GOVT CALLS THIS FAIR!! THAT'S BIG LIE BUT HERE'S THE TRUTH. IT'S IMPOSSIBLE TO BREAK EVEN AT THIS RATE BECAUSE OF UNPAIDED RETURN CHECKS. ONE BAD CHECK FOR $505.85 PLUS $10.BANK FEE EQUALS $515.85 LOSTED. TO MAKEUP THIS LOST!! DO THE MATH!
$515.85 DIVIDED BY $5.85 EQUALS 88 LOANS AT $500.
THATS $44,000 IN LOANS TO MAKE UP FOR ONE UNPAID RETURN CHECK. THIS DOES NOT INCLUDE COST OF BUSINESS OR THE FACT IT IS IMPOSSIBLE TO DO 88 LOANS IN THIS BUSINESS Posted by: patrick (cincinnati oh) on August 26, 2008 11:51AM
WE BORROW FROM CASHLAND MONTHLY AND EVEN THOUGH THEY CHARGE US A HEAFY FEE OF 112.50 TO BORROW $800.00 MONTHLY,WE PAY BACK ON TIME EVERYMONTH,IT SHOULD BE UP TO ME AND NOT GOV. STRICKLAND NOR THE STATE TO TAKE THAT RITE AWAY FROM ME, AND SPEAKER HUSTED AND ALL THOSE GOVT LOBBYIEST AT THE CAPITAL WHOOSE TRYING TO SHUT THE DOORS ON PAYDAY LOANS IS HELPING CRUSH OUR STATE ECONOMY EVEN WORSE BY SHUTTING DOWN PAYDAY LOANS, WHICH WILL PUT THOUSANDS OUT OF WORK,ACCROSS THE STATE,SHAME ON YOU,ITS UP TO THE CONSUMER IF HE OR SHE CAN AFFORD THE PAYBACK FEES MONTHLY, Posted by: ROBERT RAY (SPRINGFIELD OHIO) on August 24, 2008 10:47AM
Nice piece, Karen. It's unusual for plastic building materials to get attention in the news media -- although you'll hear more about them as construction compan...
If this were a safety issue no one would care, but it's all about money. Many times people not only pay a fine and court costs, but also get points on their dr...
I thank the Minsters that are fighting for gay rights. Phill Burris should not speak for all gay people he has no idea on how much we love God, and our country...
I hope they do it right and before they start writing the law they consult not only Doctors but Botanist as well as plant Biologists to understand the growth an...
The world is different today compared to the past (compared to even just a year ago). The constant march of technology makes it possible for a smaller work for...
This is just more bad news from Cleveland. I fear that Pittsburgh will continue to dominate Cleveland, this just gets worse. Pittsburgh is booming, while Clev...
don't do it. let them get Chapter 11 bankruptcy so that US auto industries will get better. the call for bailing out the big 3 auto makers are just throwing mon...
Posted by: Steve (Canton) on November 15, 2008 11:21PM
Posted by: John (Logan Co. Oh.) on August 30, 2008 11:11AM
Posted by: Josh Stone (Springfield) on August 26, 2008 6:27PM
BE $5.85. OHIO'S GOVT CALLS THIS FAIR!! THAT'S BIG LIE BUT HERE'S THE TRUTH. IT'S IMPOSSIBLE TO BREAK EVEN AT THIS RATE BECAUSE OF UNPAIDED RETURN CHECKS. ONE BAD CHECK FOR $505.85 PLUS $10.BANK FEE EQUALS $515.85 LOSTED. TO MAKEUP THIS LOST!! DO THE MATH!
$515.85 DIVIDED BY $5.85 EQUALS 88 LOANS AT $500.
THATS $44,000 IN LOANS TO MAKE UP FOR ONE UNPAID RETURN CHECK. THIS DOES NOT INCLUDE COST OF BUSINESS OR THE FACT IT IS IMPOSSIBLE TO DO 88 LOANS IN THIS BUSINESS
Posted by: patrick (cincinnati oh) on August 26, 2008 11:51AM
Posted by: ROBERT RAY (SPRINGFIELD OHIO) on August 24, 2008 10:47AM