Comments on: Payday loan industry seeks to repeal Ohio law

By: Steve Cypher

Steve Cypher — Tue, 07 Sep 2010 13:30:58 +0000

A loan may come in handy, but we suggest that you first check with your bank or credit union before paying over 300% APR for a payday loan. Also, we would hate to think that most folks would get into an automobile accident whenever they need money quickly.

By: first payday loan

first payday loan — Mon, 06 Sep 2010 09:44:35 +0000

When you are in hard times an emergency payday loan can really come in handy Specifically if you ve an unpaid bill or if some type of automobile accident arises wherever you need money quick

By: Steve Cypher

Steve Cypher — Wed, 29 Oct 2008 18:13:17 +0000

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.

By: ashley

ashley — Wed, 29 Oct 2008 17:15:51 +0000

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!!!