http://www.autocreditexpress.com/blog/2008/08/27/payday-loan-industry-seeks-to-repeal-ohio-law/ How to get an Auto Loan with Bad Credit - Auto Credit Express Wed, 17 Mar 2010 04:18:32 +0000 http://wordpress.org/?v=2.6 http://www.autocreditexpress.com/blog/2008/08/27/payday-loan-industry-seeks-to-repeal-ohio-law/#comment-304 Steve Cypher Wed, 29 Oct 2008 18:13:17 +0000 http://www.autocreditexpress.com/blog/?p=226#comment-304 Get over it, Ashley. Most of the people who take out payday loans don't have a checking account - so that argument of yours goes out the window. The government is not telling people they don't have the right to a short term loan, they are only telling the payday loan industry that an annual interest rate of 391% is not acceptable. Get over it, Ashley. Most of the people who take out payday loans don’t have a checking account - so that argument of yours goes out the window. The government is not telling people they don’t have the right to a short term loan, they are only telling the payday loan industry that an annual interest rate of 391% is not acceptable.

]]> http://www.autocreditexpress.com/blog/2008/08/27/payday-loan-industry-seeks-to-repeal-ohio-law/#comment-303 ashley Wed, 29 Oct 2008 17:15:51 +0000 http://www.autocreditexpress.com/blog/?p=226#comment-303 You have got to be kidding...what you and most do not understand is that if in Ohio the annual interest rate is capped to 28%...the payday lending business is gone. They can not afford to loan to a customer for 1.28 for every $100 loan they lend. Banks charge about 30 dollars for a bounced check....and another $10 plus every day the account was negative...but somehow they get away with that! So say you are going to bounce a check for $75...if you bounce that check you will get charged $30 plus for an overdraft plus whatever your bank charges for negative account until you get paid again. Or you can come get a loan for $100 and pay $115 when you get paid..which one makes more sense to you??? The bottom line is that this law will put the payday lenders out of business and will give no options for short term finacial needs. The government has NO business telling people that they do not have thte right to a short term loan!!! You have got to be kidding…what you and most do not understand is that if in Ohio the annual interest rate is capped to 28%…the payday lending business is gone. They can not afford to loan to a customer for 1.28 for every $100 loan they lend. Banks charge about 30 dollars for a bounced check….and another $10 plus every day the account was negative…but somehow they get away with that! So say you are going to bounce a check for $75…if you bounce that check you will get charged $30 plus for an overdraft plus whatever your bank charges for negative account until you get paid again. Or you can come get a loan for $100 and pay $115 when you get paid..which one makes more sense to you??? The bottom line is that this law will put the payday lenders out of business and will give no options for short term finacial needs. The government has NO business telling people that they do not have thte right to a short term loan!!!

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