I'll be voting NO. The parday lenders have done nothing wrong. If your so stupid as to borrow from them, you deserve what happens to you. We need their 6000 jobs and the ability for people at the bottom to borrow from somewhere because the banks won't lend them money.

Well, gee, that's a pretty bad attitude - and pretty consistent with the payday lobby's argument. Essentially, their mantra is: "Payday lending is a bad product, but it's imperative that you have the freedom to become trapped in debt if you so choose!" It's a preposterous line of logic. Payday lending is indeed a scourge on our families, communities and our economy. Hundreds of thousands of Ohioans are trapped in debt as a result of payday lending and are pushed towards financial ruin. It's important that the reforms passed by the legislature are upheld and that interest rates are lowered. If this legislation somehow makes it to the ballot, despite all of the payday lobby's indiscretions, vote yes on issue 5!

It’s shocking to think that anyone would defend these legalized loan sharks. Predatory lending – whether through subprime mortgages or payday loans – has driven the economy way down. Ohio lawmakers – and the Beacon Journal - have the right idea in wanting to put restrictions on businesses that are designed to drive people into debt. A “yes” vote means we have a chance to put the payday lenders in their place and let them know they need to make a change. Vote Yes on Issue 5! – www.yesonissue5.com

legalized loan sharks?You run out state regulated lenders and you will see loan sharks back in full force.Its funny that the so called advocates that support this legislation and people that never needed or used the product are the most critical,but I guess it's there choice not to use payday loans.ShOULDNT EVERYONE ELSE HAVE THAT CHOICE?I bet I know whats best for me better than you do. VOTE NO ON THE NANNY STATE LAW VOTE NO ON ISSUE 5

GoshAwful -- If "your" so ignorant as to not even be able to compose a sentence using proper grammar and proper spelling you don't deserve your right to vote. And to those of you that are voting AGAINST issue 5, just keep in mind that payday lenders came from the same cesspool as the predatory lenders that are destroying countless families and have contributed to the financial crisis that this country is facing right now. Hell, why don't we just go for complete anarchy and let the Mafia run everything?

I’m still undecided on this issue. There are so many facets to this “Section 3 of HB 545” that it’s difficult to look at it wholly and objectively. For instance, I agree with lowering the annual percentage rate but not with limiting a borrower to only four loans per year. I like the idea of increasing the repayment period to 30 days, but not the lowering of maximum loan amount to $500 (after all, how much help could 2K for the entire year really provide an already struggling family). And what exactly is that statewide database for?

Personally, I couldn’t fathom entering into yet another bad debt situation by taking out a payday loan but I consider myself one of the lucky few that narrowly escaped the predatory lending when purchasing my first home back in 2005 (although I “did my homework” first, looked at loads of lenders and researched countless loan programs). Instead, I try make arrangements with my current debtors by changing my billing due dates, requesting forbearances, setting up payment plans, etc. Nevertheless, it’s still very difficult to “make ends meet” and I find myself living from paycheck-to-paycheck (and I don’t even have a family to feed).

That being said, I can see how a payday loan service might benefit someone with a lower income, larger household, less budgeting skills or limited financial know-how than myself…..but who am I to vote on their right to make their on choices? I wonder if a NO vote would prompt the lawmakers to rewrite the bill to “better” protect those in need of payday loans rather than further limiting them?

Pawn shops have been the few business' that stay constant in our communities, Providing people with loans on collateral.On property that can be sold for profit.They pay taxes/or don't just like the rest of us.On income and sales.
How does the interest charged by each differ ?
How are pawn shops regulated?
I have known people that were stuck in that payday cycle.
Paying it off, get another loan.
Until they made some extra cash and got out.

If you are in a position that you need pay day loans to more than 4 times a year, you need to seriously evaluate your financial situation. The problem is, these companies are not mom and pop loan sharks…they have corporate backing from some of the largest banks in the world. They take advantage of people’s situation of needing money, or needing loans. The banks have done it for years. That’s exactly why we are in the financial crisis in this country we are now. No one wants more government control and supervision, but the problem is we’ve let corporate America almost destroy are country with greed, and they’ve done it with greedy government officials. Not allowing companies to charge whatever interest rate they want is the beginning of the American individual standing up and saying, “No, we won’t allow you to take advantage of people anymore!” Don’t you think banks would charge whatever interest rate they wanted if they could? Of course they would, but they don’t because the bank down the street doesn’t, all because the Gov doesn’t allow it.
No, I have never used a payday loan before, but just because I haven’t I don’t want the guy down the street to be taken advantage of because he has too. I also believe there are people in this country that exercise ignorance all the time and they have to be directed and guided, that’s why we have a government to begin with. We have laws that protect people from themselves blanketing this country. Drugs, Drinking, Gambling, etc, etc, and without them, think about the state of the country then. This is not a fix for people making bad decisions; it’s a limitation on how much a company can take advantage of those bad decisions. VOTE YES ON ISSUE 5!

We have a family member that got caught up in this quicksand twice. It spilled over to us because we had to bail him out to protect our daughter and grandchild. Because we love our family, we have become victims of predatory lenders ourselves and have never set foot in their door. We are voting YES on issue 5.

Being someone who has been there and done that, I would encourage everyone to vote yes on issue 5. These lenders pray on those that don't have other alternatives. But, once they fall into that trap, you are sucked in and have to claw to get out. We nearly lost our home due to the vicious cycle of debt. We finally wised up and figured it out, went to a debt counseler and clawed our way out and never looked back. These lenders can find a way to live and exist within the new guidelines like every other business model must. Talk about a loan shark!

The Govenor and legislature dropped the ball. They have no idea about a real world where banks loan you money only if you don't need it with perfect credit.
No one can reasonably expect any lender to make a one hundred dollar loan for a return of $1.06(28%per annum)after a two weeks. If you made 100 loans your return would be $106. You would have on the average seven defaults so every 100 loans you would loose $600.
Pass issue five and poor and working people wouldn't have access to credit at all. If the car broke down and you need to get to work you loose your job. If the rent is due and you can't pay for two weeks your homeless.
Shame on you Govenor!
Sincerely, The Cash Company of America

VOTE NO ON ISSUE 5

I will also be voting NO on Issue 5.

While Issue 5 sounds like a great idea, the only possible end result is that companies will no longer be able to offer such loans, or that they will have to turn down many more people, in order to even stay in business.

This punishes the responsible people who were actually able to pay back their loans on time. What option will they have when we have bankrupted those who were offering these loans?

Don't punish the responsible people who use payday loans.

Vote NO on Issue 5.

Majority of people voting YES on issue 5 have never been to a payday lender. So how do you know what is good for another person? No getting a payday loan is not good, cool, or fun to do. But when you need money and you don't have anyone to go to they are there. Voting yes to issue 5 doesn't make sense. How is cutting 6000 jobs, limiting loans to 4 a year going to help? 391% Is the APR but payday loans are not taken out annually, they are done biweekly. So how will lowering the APR to 28% help? The "fee" is 15 dollars on each hundred, lower that! The only thing good is the financial literacy class you must take to do loans if issue 5 passes. Because this is how people get trapped in the "cycle"- An unfortunate event happens lets just say the car breaks down. It cost about 90 dollars to fix and they don't have the money till payday. They have a choice now catch the bus to work for the rest of the week, ask a friend or family for help, or get a payday loan. They make the choice and get a payday loan for 100 dollars, which will be a total of 115 dollars when you pay it back. Then they get the car fixed and everything is great. Until payday.. They didn't budget that payday loan out. And when time come to pay it back they still need the 90 dollars they borrowed to get the car fixed for something else, and end up taking another payday loan. So the cycle continues. Sorry for keep saying this over and over VOTING YES TO ISSUE 5 IS NOT THE ANSWER. YES THE PAYDAY LOANS IS A PROBLEM BUT A YES TO ISSUE 5 IS NOT THE ANSWER!!! IT WILL ONLY MAKE THINGS WORST:(

Hi its me again. The APR is 391% But loans are done biweekly and the "FEE" is 15 dollars on every 100 dollars you take out. (for those who never been to a payday lender) So if you pay the loan back by your next payday or next year the "FEE" is still 15 dollars for every hundred no matter what! Who cares the its 28%?! If you cant afford 15 dollars you shouldn't be doing loans period! And passing HB545 will not change that there are people who just can't budget money and live outside there means. So whats next? I can only have one student loan or home loan, because I live outside my means and its gonna put me in debt? We are opening the doors to a world of trouble. OH! and while we are on the topic of %'s, you know the APR% for withdrawing money from the ATM? 1000% funny huh?

Maybe I need to return to math class, but the last time I remembered, $15 per $100 borrowed is equal to 15%, not 391%. With a struggling economy and bank restrictiveness, what is a consumer supposed to resort to in order to make ends meet? If there is a bank out there that is willing to lend money TODAY with zero collateral, I would like to know. Besides that, shouldn't it be the consumers' decision not the government's? The last thing we need is a new statewide data base for big brother to get his hands on. What about the 6000 plus jobs that will be lost as a result? Think about it!

Vote YES on issue 5 and 6. Six will bring in 5,000 new jobs. Issue 5 wont eliminate 6,000 jobs just because the percentage drops to 28. 28% is more then credit cards charge and thats what got this country in a mess. Think about it. See my post on 10-08-08 at 12:15AM above.

28% seems to be good enough to keep the credit card companies profitable...should be good enough for the check cashing places too.

Imagine...building a profitable business on other people's financial misfortunes!

Yes on Issue 5!

Angela:

Yes, you should return to math class. A fee of $15 per $100 is, in fact, 15%, but we're talking Annual Percentage Rate. APR annualizes the interest paid. 15% per two week period x 26 two weeks periods in a year = ~390% APR. That's an approximation for simplicity's sake, but you get the idea.

And don't start with the whole "Nobody takes out 26 loan per year" line with me. I managed a payday loan company for over a year. The majority of my customers were regular every two week customers.

On top of that, they always needed to increase their loan. Sure, they start out borrowing $50...eventually they were borrowing the maximum they were allowed. I, personally, saw customers lose their homes because of the cycle.

People will live without payday loans. I know it's hard to believe, but there was even a time before credit cards.

We've become a nation of overconsuming financial illiterates due to easy access to credit - credit we can't pay back. A yes vote on this bill is a step in the right direction. A loss of jobs is always a bad thing, but sometimes there is a greater cause.

i'm compeled to respond to people who are against this bill. yrs ago i fell victim to the payday lender cycle and it was not pretty. it took a long time and hard struggle to get out from under their influence not to mention the hundreds of dollars i relinquished to them. i believe a time might come up when a person would need an easy and quick way to obtain a small loan but their interest rates are rediculous and unfair especially to someone who isn't quite sure what they are getting into. don't you think it would be better for everyone concerned to have limits as to how much these companies can gouge you and your hard earned money. toss that thought around your mind for a minute........and as for all the possible jobs being lost?????? i don't believe for one minute that these companies are gonna start shutting down their business' if this issue passes.....trust me, they will find other ways of taking your money.

Now if you really look at this issue 5, and you are a hardworker as I am, and you only need to use a payday lender 1 time as I have, my vehicle repairs were 1500.00, I was 300.00 dollars short for my repares to be done, it was 2 days till payday, would my bank give me a 300 dollar loan, NO. it cost me 15.00 dollars, saved me losing two days pay, 270.00. thats not highway robbery, and not over 300% interest as has been stated. This is America, we have the right in this country to make our own decisions, this is not pre-world war two germany! The heavy handed practices of our elected politicians who it would appear are instructed by the banking industry, should get out of our personal lives, and we should continue to have the rights given to us by our constitution. God Bless America, keep your gestapo tactics out of our personal lives you morons!! sign me as upset in ohio.

by the way, i left out an important part, My wife works in the payday lending business, my children attend college, and we pursue the american way of life, however many families get an occasional setback, and far be it for me to expect someone else to carry my burden, now with my children attending a good private university, my wife and I being hardworking people whom have never collected unemployment or welfare, Then maybe you self-rightious people with the silver spoons obviously dangling from your lips, should have to go out and work a few days a year, and make sure your family has a roof (not a rental) over their heads, food on the table, a proper education, and do it without belittling the honest hardworking people whom use these services. You want a cause, stop welfare, thats a waste of all our tax dollars. By the way supporting that stupid bill will destroy approx. 6000 jobs in this state, averaging 20,000.00 a year, now figure the taxes on that, more income pissed away by the powers that be. Our Govenor should hang his head in shame.

NO ON ISSUE 5

Vote yes on issue 5, I started out going to payday borrowing the minimun amount of 200.00 that was easy to payback then I thought that I would be able to pay back any amount I borrowed but the truth of the matter they are predators they make it easy for us who can't go to the bank and borrow money or our credit unions. I didn't plan on getting caught up in the pay day loan cycle but I was doomed without realizing it. I really hope that you all vote yes on issue 5...I have a good paying job and you think that you can borrow this money and it is easy to pay back. But unfortunately it isn't....the only thing that I could do go from payday loan to payday loan robbing me and my family to have a way to take care of us...You are only cheating yourself with these companies.so please vote yes on issue 5

Loan sharks are more generous than payday loans.

The people that say vote no are using the same arguments that "fools" use for the legalization of dangerous drugs.
"I don't want the government to keep me from using; crack, coke, meth, ICE etc. it's my choice DUH this is not Nazi Germany!"
If you don't want responsible regulation for the lending industry then you don't want utilities regulated (water, electric, etc.), to require car insurance for drivers, restaurants inspected, fire codes, building codes etc. Let consumers decide where to eat, to buy a generator and collect rain water (or pay much higher prices), stay off the roads if not willing to be hit by uninsured drivers, not worry about the safety or stability of structures.

Payday loans are a trap.
The people that use them get sucked into a cycle of loan after loan after loan.
These people have no way to break the cycle without an outside infusion of money or an incredible self sacrifice.
People that use these payday loans are already living paycheck to paycheck. How can you pay back any loan that big in 2 weeks when next paychecks money is already going to bills before you get it.
Duh
Vote YES

We need the payday loan places for the simple fact that the banks will not give the average person a "personal loan" of as little as $100 for 2 weeks, yet they will charge you a minimum of $35 in NSF charges if a check bounces. I would rather borrow $100 and pay back $15 in fees than overdraft $100 and pay $35 minimum in fees. It has nothing to do with mismanaging money...sometimes you need cash you don't have right then, like for a car repair, but that you would have in a week or two.

My family and I have had to use payday loan places several times over the past few years when we have gotten into a money crunch. Do I enjoy paying %15 on a 2 week loan? No. I'd much rather take the money out of my savings account and use that... Oh wait! I don't have any money in my savings account. Not proud of that either, but it's our situation right now. The truth is that for some people, payday lending places can be a real life saver if you need money in a pinch. I don't appreciate my "neighbors" being asked to save me from myself (so to speak) because you think I'm too stupid to avoid paying this kind of interest. It's not stupidity, it's being broke! But the point that REALLY REALLY needs made here is this... why isn't there a measure on the ballot that limits what a bank can charge you for overdrafting your account? You think $15 on $100 is bad? Ever overdrafted your account by 50 cents and been charge a $35 fee? THAT'S CRIMINAL!!

I have never used a Payday loan...But...I have to say that it can be helpful.

But just like drugs or alcohol.. it can be dangerous.

Should anyone be allowed to monitor it?? I would have to say NO. The world just sucks if you let all the leechs just take over, BUT.. it the same turn, wouldnt it be a crazy thought if we didnt??

Everyone has their own idea of whats right and wrong. Should I give my government that I dont trust access to that?? Should I let the society that managed to keep me confused take over?? I say NO!!!!!


If you think you can make a payment and not get screwed ....DO IT!!! if you are too stupid to not know the difference?? DONT!!!

Why is it,That there is someone always telling us what we need or should have??

I cant believe that people even need to discuss a simple thought.

I cant say if my neighbor is wrong..until he doesnt pay.. then he is a degenerate or fool.

All I know is .... I am responsible for myself.. I cant blame anyone else..

Vote how you want.. It all goes back to the simple life when you were a kid being taught by mom and dad.

Always be nice to elders.. And dont ever be the one to throw stones at strangers.. It may be your brother or sister..lol

Not to mention... AND I QUOTE...


"IF YOU HAVE NOTHING TO SAY NICE.. DONT SAY ANYTHING AT ALL"

All the bashing is just a simple way to avoid the truth.

It all comes to freakin common sense..


WAKE UP ALL!!!!!!!!!!!!!!!!!!11

Payday lenders are so under handed that their ads to save jobs wont even include that they are payday lenders. They mask it because it is a bad name. Just because the percentage drops to 28% dosent mean they are going out of business, its just that they wont be able to gouge as deep. Yes on Issue 6.

This is going to lay a precedence for any lenders that decide to get cute and unfairly change any rules of the game at their discretion. It is time to nab these gold digging leaches that keep people in debt to them the rest of their lives and make them get deeper and deeper into debt by unfair business practices. I will be voting yes to put them in their place.

PAYDAY LOANS ARE LIKE DRUNK-DRIVING.

You can say they only hurt the people making the (stupid) decision, but in the end, everyone else is left to pick up the pieces.

VOTE YES ON ISSUE 5.

I have subjected myself and a lot of my money to these payday loan companies. So I speak from experience when I say I'm voting NO on Issue 5. What sense does it make to put yourself further into debt and further in the hole by utilizing these payday lenders? It's a vicious cycle that is only doomed to repeat itself once you get going. The only way to get yourself out, is to stop paying back. Unfortunately, I have had to learn the hard way. These companies are not out to help consumers. They are out to make MONEY. They want to thrive as a business. They could care less if they are helping you get your car fixed or pay your rent. Penny pinch, create a savings account, get a second job, but DO NOT take the "easy" way out and allow these payday lenders to rape you of the hard-earned money you DO make!
VOTE NO ON ISSUE 5!!!!!!!!!

You all talk about choice, well, let me ask you this.

When the (primarily black) patrons of these loan shark joints can not make payments and lose what they DO have, guess where they go?

On welfare, so white people can support them with our hard earned money which is already too heavily taxed.

Maybe these losers should learn to read and get decent jobs, as well as breeding like it was a second career, and they won't need the loan sharks.

It is NOT my fault people chose to go through life stupid and now as adults need to STEAL money from me in the form of high taxes for social programs. When they get hungry enough, they will get jobs somewhere. As long as White America is forced to enable these ignorant losers, this will continue. Step one is taking away their security blanket of having loans available. No money will make them hungry and force them to get jobs.

Pass 5.

And pass 6 while you are there. Once there is ONE casino in Ohio that sets legal precedent for more to follow. This one guy with the bad press is not the issue and is in fact moot. Once Ohio has casino gambling in place, Kelley's Island can finally get the casino they have been begging for. Keep that money in Ohio so my property taxes can come down as the casino runoff comes to our schools.

Kelly, maybe i am misunderstanding what you are saying, but why are you voting no on issue 5.

If someone needs a quick loan and end up using one of these places then that's their business. If you never have financial issues and will never need to use these places, good for you. It's none of our business. Stop giving the government more power. I don't use these places myself but I'm voting no anyway.

CHAOS, you are 100% wrong when you extend your concept to the ultimate conclusion. While the act of taking out the loan is personal, rescuing the people who take the loans out because they get in too deep eventually falls on me, and I am taxed enough already. There is an organization called the FDIC that regulates loans, interest rates, etc.... Why should banks be subject to regulation on loans but not some con man in an empty storefront?

There is a book called a dictionary. Find one and look up "usury".

Oops! Typical female I am ... when I said "NO", I meant "YES". I WILL BE VOTING YES ON ISSUE 5 ...
STOP THESE COMPANIES FROM TAKING ADVANTAGE OF THOSE WHO CAN'T AFFORD TO BE BAILED OUT OF THESE SITUATIONS.

Early borrowers, learn to budget! Then this issue can't affect you.

Payday lenders never trapped anyone. People took out the loans and probably were too dumb to figure out what they were signing. Same as the people that took out sub-prime loans knowing full well their interest rat would go up.
Life demands decisions and decisions have consequences.

Does anyone else have an issue with the 391% APR proclamation? I have used payday lenders and pay 15% on every $100 I borrow, pay that back in two weeks like they ask and I pay back $115. If I paid 391% interest on my loan I would pay back $391.00! I think the general population that see that don't understand how it works - nor have they used them. And why should government tell me how to run my finances when they can't control the conglomerates that have gotten our economy in such a poor shape - and they use REGULATIONS and LEGAL means to do so. I just don't understand... Sometimes for me it's a cash flow issue and I need their assistance - I'd rather pay them $15 than to bounce a check and have it cost 3-5 times that. Let me deal with my own affairs - keep gov't out.

If Issue 5 passes I can guarantee you that all payday lenders will pull out of Ohio and you can thank you "SO CALLED" neighbors when you get in a crunch and have to pay the high intrest rate on a bounce check, the fees for being negative in your checking account, and the fees to the places that collect the bad check.Whats the interest rate on that???? With them cappping the intrest rate at 28% the payday lender will make 1 per 500 they loan.....how is that gonna cover the cost of the building not to mention paying its employees!!!! I dont even live in Ohio and I made calls on behalf of "Ohians for financial freedom" VOTE NO on issue 5. Is it fair to the 6000 people who work in this indrusty to have to lose their jobs because people who have never done an "emergency loan" or to the people that abuse the service and run to 8 lenders in one day and take out a loan, get trapped, and blame the lenders for trapping them??? We dont force people to use our service. Is it fair that its the ones who dont have to live "PAYCHECK TO PAYCHECK" who come up with these laws, ask yourself that when you voted yes on Issue 5.

I use payday lending on an as needed basis. i have a loan out now. my fiance just found out that their will not be any work until after the first of the year. I do not make enough money at 40 hours a week to cover our bills. when we are both working the money is great. i am looking for another 40 hour a week job. but my financial issue is not your business nor the gov. if it wasnt for payday loans, i would be sitting here without electric,water. and nno vehicle. i went to welfare, denied make to much money. so can someone please tell me where to go to get some help??? i have very bad credit. i need to file bankruptcy, but i dont have the money. oh yeah and the bank charges 37.00 for NSF fee and 8.00 additional for each day that goes by that i cannot get my account fixed. what about car loans..lol.. i still owe 16,000 on my truck that is what i just found out is only kelly blue book valued at 5,000. gee who is making money there??

Predatory Lenders don't have your best interests in mind.

Yes on Issue 5.

Well Congratulations to the people in Ohio (with a already high unemployment rate) just took away 6000 jobs. You thought it was all good now....wait until you have to pay higher taxes for the people who are unemployed, have to get goverment assistance with food, water, electricity. Your whole thought of how if you voted yes on 5 and 6 you would create 5000 jobs. Well guess what you lost on that issue also. Congratulations for thinking since you never use the service it was your business to have to control other peoples finances. I can guarantee anyone who thinks this is better to do some research in a year and see how many more people will be bouncing checks, and having to file bankrupcy. My heart goes out to the ones who's financial option was taken away from you. Its unfair that you may have to travel out of state to recieve the service once offered to you. You who voted for this issue may sit there and say that payday lenders wont be going away but give it 90 days and see how many close. The ones that may stick around will only be able to offer check cashing services. You may think that they will still do payday lending, but they wont. Last year the Federal government put a cap of 38%apr on all active military, payday lenders cant loan to them so what makes you think they can loan to a state with a 28%apr cap?????