Comments on: Payday Loans Attract Interest http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/ & Home of Lawn Mower Repair Sun, 07 Sep 2008 12:33:17 +0000 http://wordpress.org/?v=2.0.5 by: Dennis http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-32619 Mon, 25 Aug 2008 17:28:44 +0000 http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-32619 Ohio voters are being deceived by the out-of-state payday lobby! http://www.youtube.com/watch?v=zDoeXujagE4 Ohio voters are being deceived by the out-of-state payday lobby!

http://www.youtube.com/watch?v=zDoeXujagE4

]]> by: Dennis http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-32605 Mon, 25 Aug 2008 13:15:48 +0000 http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-32605 I definitely wouldn't expect the industry to go quietly into the night. In Ohio, the legislature passed a law capping the interest rates on payday loans at 28% APR (down from 391%). Subsequently, the payday lobby has mounted a campaign to overturn the law via "citizen referendum." I use citizen in quotes because there are essentially no citizens involved in the campaign. It's primarily an out-of-state lobby funded effort. The payday lobby has spent millions on advertising trying to convince Ohioans that 391% interest amounts to financial freedom and they've also gone to great lengths to lie to voters to get them to sign petitions (to get the issue on the November ballot). 391% interest is not freedom! Usury is not freedom! We need to end predatory payday lending in Alabama, Ohio and elsewhere across out great country! Vote Yes on Ohio Issue 5! http://www.yesonissue5.org I definitely wouldn’t expect the industry to go quietly into the night. In Ohio, the legislature passed a law capping the interest rates on payday loans at 28% APR (down from 391%). Subsequently, the payday lobby has mounted a campaign to overturn the law via “citizen referendum.” I use citizen in quotes because there are essentially no citizens involved in the campaign. It’s primarily an out-of-state lobby funded effort. The payday lobby has spent millions on advertising trying to convince Ohioans that 391% interest amounts to financial freedom and they’ve also gone to great lengths to lie to voters to get them to sign petitions (to get the issue on the November ballot).

391% interest is not freedom! Usury is not freedom! We need to end predatory payday lending in Alabama, Ohio and elsewhere across out great country! Vote Yes on Ohio Issue 5!

http://www.yesonissue5.org

]]> by: Australian Cash Loans http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-30895 Sat, 02 Aug 2008 13:58:57 +0000 http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-30895 I wouldn't be surprised that the people behind the payday loan industry would be worried about this Bill. However, such a Bill would also catch in it's net, reputable laon providers as well. I hope the powers to be don't let this bill have a bad effect on good money providers. I wouldn’t be surprised that the people behind the payday loan industry would be worried about this Bill. However, such a Bill would also catch in it’s net, reputable laon providers as well. I hope the powers to be don’t let this bill have a bad effect on good money providers.

]]> by: Danny http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-15361 Fri, 04 Jan 2008 17:57:48 +0000 http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-15361 Aren't all suits brought because they are in the interest of the plaintiffs? That doesn't mean they are wrong. And in fact, the court agreed that the banking industry was correct. Aren’t all suits brought because they are in the interest of the plaintiffs? That doesn’t mean they are wrong.

And in fact, the court agreed that the banking industry was correct.

]]> by: All For Payday Loans http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-15339 Fri, 04 Jan 2008 13:49:09 +0000 http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-15339 "The banking industry brought suit a few years ago charging that the payday loan industry was operating in violation of the Small Loan Act which limits the interest charged on loans to 36% annually." Of course they would say that. Its in there interest to do so. “The banking industry brought suit a few years ago charging that the payday loan industry was operating in violation of the Small Loan Act which limits the interest charged on loans to 36% annually.”

Of course they would say that. Its in there interest to do so.

]]> by: Anonymous http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-2520 Fri, 09 Mar 2007 11:59:52 +0000 http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-2520 The real danger facing Byrne's bill is whether Barron, as Rules Chair, will ever allow Byrne's bill on the calendar. The Barron proposal is nothing more than repackaging a bad product, and clearly appears to be drafted by the payday loan industry (the bill if almost identical to other "reforms" proposed across the country by the industry). Consumer experts will quickly tell you that the only way to end the abuses by this industry is to cap interest rates. The Byrne bill would merely repeal the state's Deferred Presentment Act (our payday loan regulatory statute), and transactions of that nature would be subject to the interest limitations of the Small Loan Act. Byrne's bill has 23 co-sponsors, both GOP and Democratic and racially diverse. Everyone should contact their legislators and tell them to reject the sham that Barron is pursuing and support the Byrne proposal. The real danger facing Byrne’s bill is whether Barron, as Rules Chair, will ever allow Byrne’s bill on the calendar. The Barron proposal is nothing more than repackaging a bad product, and clearly appears to be drafted by the payday loan industry (the bill if almost identical to other “reforms” proposed across the country by the industry). Consumer experts will quickly tell you that the only way to end the abuses by this industry is to cap interest rates. The Byrne bill would merely repeal the state’s Deferred Presentment Act (our payday loan regulatory statute), and transactions of that nature would be subject to the interest limitations of the Small Loan Act. Byrne’s bill has 23 co-sponsors, both GOP and Democratic and racially diverse. Everyone should contact their legislators and tell them to reject the sham that Barron is pursuing and support the Byrne proposal.

]]> by: Kathy http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-2469 Thu, 08 Mar 2007 17:20:50 +0000 http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-2469 The Christian Coalition supports this? I guess John Giles was right; the organization has started acting way too much like Jesus. ;) The Christian Coalition supports this? I guess John Giles was right; the organization has started acting way too much like Jesus. ;)

]]> by: Dan http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-2441 Thu, 08 Mar 2007 05:06:40 +0000 http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-2441 Sen. Byrne also wants to make it mandatory to recite the pledge of allegiance in the morning. At least his philosophy is consistent. Sen. Byrne also wants to make it mandatory to recite the pledge of allegiance in the morning. At least his philosophy is consistent.

]]> by: BTL: Payday loans… again http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-2436 Thu, 08 Mar 2007 05:02:50 +0000 http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-2436 [...] March 8, 2007 Payday loans… again Dan on 2007-03-08 @ 12:03 am So there’s now a bill which will bring the payday loan industryunder the control of the Small Loans Act. The difference for the payday loan industry will be great. Currently, the payday loan industry has very little regulation. Danny at Doc’s Political Parlor tells us that it currently allows a $17.50 charge for a two-week, $100 loan — that adds up to an interest rate of over 400%! [...] […] March 8, 2007 Payday loans… again Dan on 2007-03-08 @ 12:03 am So there’s now a bill which will bring the payday loan industryunder the control of the Small Loans Act. The difference for the payday loan industry will be great. Currently, the payday loan industry has very little regulation. Danny at Doc’s Political Parlor tells us that it currently allows a $17.50 charge for a two-week, $100 loan — that adds up to an interest rate of over 400%! […]

]]> by: MattHutter.com » Blog Archive » Top Financial Rip-Offs http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-2424 Thu, 08 Mar 2007 04:24:29 +0000 http://www.politicalparlor.net/wp/2007/03/07/payday-loans-attract-interest/#comment-2424 [...] Payday loans. I would hope that no readers of this blog have ever used a payday loan.  In essence they are used by people who a) have no savings in the bank b) who always seem to have more month left over than paycheck and c) who have no concept of a 200% - 1000% interest rate.  Fortunately the U.S. Congress is stepping in to limit the interest rates to a mere 36%.  The bottom line is that these payday loan lenders found a niche exploiting the poor and financially uneducated.  This is one government intervention I endorse. [...] […] Payday loans. I would hope that no readers of this blog have ever used a payday loan.  In essence they are used by people who a) have no savings in the bank b) who always seem to have more month left over than paycheck and c) who have no concept of a 200% - 1000% interest rate.  Fortunately the U.S. Congress is stepping in to limit the interest rates to a mere 36%.  The bottom line is that these payday loan lenders found a niche exploiting the poor and financially uneducated.  This is one government intervention I endorse. […]

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