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Home / All Eyes On Ohio’s Payday Lending StruggleAll Eyes On Ohio’s Payday Lending Struggle
Last Updated on Tuesday, 23 September 2008 09:31 Written by rslcpol Tuesday, 23 September 2008 09:31
From Newark Advocate:
The payday loan industry is bankrolling ballot issue campaigns in Ohio and Arizona to preserve the average 391 percent annual interest rates they charge, as the two states become the focus of industry watchers and consumer advocates.
The industry is trying to get an issue on the November ballot in Ohio to overturn a law that would cut the annual interest rate to 28 percent. Lenders have already succeeded in getting an issue on the Arizona ballot that would enable them to continue charging the higher interest rate. Without passage, the ability of lenders to charge 391 percent will expire in 2010 and they won’t be able to charge higher than 36 percent annual interest.
*******Vote NO on ISSUE 5*************Voting yes, eliminates the ability to get a payday loan because it brings the profit of a payday loan to $1.08–NO business can survive on that. It wont pay for the cost of printing the contract let alone the teller that gave the loan.VOTE NO ON ISSUE 5, saves the industry, and saves your option to take out a loan if you need one. Would you rather pay $15 to borrow $100, or $37 bounced check fee on a $100 check?************VOTE NO ON ISSUE 5*****************Preserve Options, Choices, Freedom!