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Ohioans will vote this election day on a plan to slap new limits on those short term loans, called "payday loans." It's issue 5 on the statewide ballot. Anti-poverty activists and other are backing the measure. But the owners of payday loans stores want voters to reject it. This begins a two part series on issue 5.WKSU's statehouse correspondent Bill Cohen reports:
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Listener Comments:
I don't use these loans, but I don't think that this is the time to be taking options away from people. As long as the lenders make disclosures that make it clear what the loans actually cost the borrowers, then people should be be free to make the choice as to what is right from them (from the information I've seen, it's $15 for every $100 borrowed which is pretty easy to understand).
I spent many, many years in the banking world. Banks can't make these small dollar loans. It costs a bank $300 in internal administrative costs to do any loan. There's no way banks can fill the void if the payday lenders disappear. Posted by: Marjorie (Canfield) on November 3, 2008 9:37AM
I am doing a report for college on this issue, i could use some positve and negative feedback.
Thank you my email is lindsaba@muohio.com Posted by: Beth (Middletown, ohio) on October 30, 2008 5:10PM
if this law goes through then there will be no more payday lenders. so what is a person with bad/no credit supposed to do when time comes around that they need a little extra cash. Posted by: payday loans (tiffinis410@gmail.com) on October 30, 2008 2:56PM
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I spent many, many years in the banking world. Banks can't make these small dollar loans. It costs a bank $300 in internal administrative costs to do any loan. There's no way banks can fill the void if the payday lenders disappear.
Posted by: Marjorie (Canfield) on November 3, 2008 9:37AM
Thank you my email is lindsaba@muohio.com
Posted by: Beth (Middletown, ohio) on October 30, 2008 5:10PM
Posted by: payday loans (tiffinis410@gmail.com) on October 30, 2008 2:56PM