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-   -   Ohio Enacts Usury Law; APR for a payday loan will be capped at 28% (https://gfy.com/showthread.php?t=849062)

D Ghost 08-19-2008 04:27 PM
Ohio Enacts Usury Law; APR for a payday loan will be capped at 28%
 
Finally. These payday loan places prey on people and put them into a vicious circle of debt. Most of these loan places have APRs of around 391%

Quote:
HB 545 was signed in June by Governor Ted Strickland, and will go into effect in early September. Under the law, the APR for a payday loan will be capped at 28%, and an Ohioan would be limited to four loans per year. Opponents of the legislation argued that outlawing such small, short-term loans, with an APR of up to 391%, will eliminate 6,000 jobs in Ohio and force as many as 1,500 statewide store locations to close.
Yeah? Good.

Quote:
Petitions to reverse HB 545 are currently circulating. An Ohio Public Radio program airing August 12 exposed signature collectors who were incorrectly representing the petition as one that would lower the interest rate cap further. Residents of a Butler County homeless shelter also alleged that they were offered money for their signatures.
Haha what a bunch of fuckin scumbags. Paying off homeless people and lying to get them to sign their petition.


Quote:
Payday loans are a debt trap, charges advocacy organization END 391, which notes that 90% of revenues from payday loans are from repeat borrowers, and about 50% of repeat loans are initiated on the same day a previous loan is paid off. Americans spend $4.2 billion in payday lending fees per year.

http://www.infowars.com/?p=4013

After Shock Media 08-19-2008 04:34 PM
Ah thats just some full on BS.
Yup people sure had their arms twisted to go borrow the money in the first place and that their credit was so fucking jacked that they could not get 250 or so bucks elsewhere. BAH!

I do know some Government type people are pissed at the payday loan places because they make a lot of cash off of military families. Makes a whole lot more sense blowing that trumpet on how they take advantage of the families of our underpaid troops and should be stopped, no matter the costs.

tony286 08-19-2008 04:35 PM
I think its a good thing.

BradM 08-19-2008 04:37 PM
Interest needs to be capped. Capitalism is one thing - preying on the weak and pitiful (most Americans) is wrong IMO.

SmokeyTheBear 08-19-2008 04:44 PM
its funny they have the same sort of "payday loans" in prison.

on commisary day you get to buy things from the prison store , it only happens once a month or week depending on your prison. for those who don't have people brining them money all you get is your prison pay ( not enough to buy much with ). So guys will open their own store. Basically if you have a bunch of money you buy a bunch of stuff and you sell it throughout the month when people can't buy stuff anymore. But you dont pay with cash , you pay with "credit". So if i am broke and need some chocolate bars and some soda , i simply go to one of the guys store and get them , in return i owe him 2 chocolate bars for every 1 i buy from him on commisary day. So on store day you will see guys buying armloads of stuff , just to payback to the individual stores they "borrowed" from during the month. Most of them only have enough money to payback the loans they got so the very next day they have to go borrow more stuff, its a vicious circle of debt heh.


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