Predatory Lender Bastards

[Tujosax]

Don't even respons to phitau09, he is a shit and a lie. Only an account, opened to support Issue 5 and all the bullshit they say, to make it not pass. Vote YES!!

[phitau09]

either way if you dont agree and still think payday lenders charge 391%, you are not protecting the majority by voting yes on issue five because 80-90% of those people who use the service never get into trouble. Left wing politicians and PIGS such as coalition for homeless(bill faith) got everyone on the 391% interest bandwagon and that EVERYONE who uses short term loans gets trapped. Thats all they got. They make shit up everyday. Its pathetic.

[phitau09]

I dont believe a word you just said gam. I think you would have voted yes regardless because you like ted strickland. Just a bad idea for ohio overall. you know as well as I do there is no 391% interest. There never has been..and there never will be. Just another deceptive lie by the govt. If you write a check out for 345(borrow 300+ 45 dollar flat rate fee), even 3 months down the road if its not paid its still 345 dollars you owe. wouldnt 391% interest make that go amount go up?

[raspberrycocktail2]

Whilst we would all agree that the cost to cover the management of these loans is high (they vary from $10 - $30 per $100 borrowed), they are necessary to keep the service available. Per earlier post.

We do not hear about people off setting NFS fees, Utility late fees, Reconnect fees or penalties when a Payday Loan was available. Abuses of the service do exist. We have drivers that speed, have DUI, smoke too much, but most of society is responsible as are citizens that use these services.

[gamutman]

I don't disagree with any of that. In fact, when the governor first decided to change the law, I felt no particular atitude either way. What set me off was the deceptive mailer. If they had made the case the way you just did, I might actually have voted with them.

[raspberrycocktail2]

Calculate the ability to stay in business. If you have a 36% APR (well above the Ohio limit), a lender would make $ 4.15 on $300 for a 2 week period. If in the unlikely event that the store issued 10 new loans per day, they would have a grand total of $41.50 to cover thier costs of operation without considering possible bad debt. This is why banks do not have these loans>

*

[phitau09]

oh ya...also you must think that every single person who uses a short term loan is trapped in the infamous "cycle of debt" I keep hearing..when in reality its about 20% of customers. So with your yes vote..you are going to limit a financial choice to 80% of the customers who use the product correctly and dont get into trouble. Where are they gonna go to get loans then? To banks/credit unions? Banks wont even lend to banks..let alone people with bad credit. You should be mad at banks..not lenders

[gamutman]

Look, the governor passed the law, and the legislators we elected legislated the new rules to protect everyone. Those 20% of bad debtors affect me, you and my grandma. Yes, sometimes responsible people're affected when laws are written to protect society. I didn't bitch when the drinking age went up, even though I've never had a DUI. I didn't bitch when the ysaid we had to wear helmets on motorcycles or when they said we had to educate our children or when they mandated insurance and seatbelts.

[phitau09]

im glad you are voting yes. just shows how ignorant you really are. Classifying a 100 dollar short term loan and a 500,0000 dollar adjustable mortgage together is funny. the only similarity there is that the borrowers have sub par credit. thats it. You must work for a bank or credit union is what I've come to hypothesize. They want short term lenders gone cuz they'll make more money on fees when people bounce more checks since short term lenders wont be around to help them pay their bills.

[phitau09]

hahah ya ok dude. You're the one with the dumb ass video of yourself titled predatory lending bastards. Its sad because you think you are really smart but you aren't. You classify short term lenders as predatory lenders with the mortgage companies when they are completely different. Its hilarious. why do you care about short term lending is the question. They dont affect you either way. If you dont use them or need them..why do you care? Ever hear of free enterprise???

[gamutman]

Dude, I am being asked to vote on something. I am offended by people who dishonestly ask me to use my right to vote for their own selfish benefit. You are the one who began with the theme of asking my motivation, so I think it's fair to ask yours.

[phitau09]

you're an idiot. They arent even remotely the same. How is an adjustable rate mortgage for 300,000 dollars the same as a 15 dollar flat rate fee on 100 bucks? The 15 dollar fee doesnt go up after 5 days or 6 or 7 days like a mortgage goes up after 2 or 3 years. No wonder ohio sucks because of idiots like you.

[gamutman]

So you don't live in Ohio? Then what's your stake in this? Why do you care what we do in Ohio? Does your daddy own a payday lender business in Ohio?

[tcslib]

So, I gather that you have NO idea about whats going on. This is ALREADY a law in Ohio and the morons who run the payday lending want to scare us into changing it back. The 15 bucks for a payday loan is nothing on the surface, but the people who run to these places are the same people that are now in foreclosure, that DOES affect me and every other tax payer in the state, if you can't figure that out, you need to go back to school and take an economics course.

[phitau09]

ya but im curious how it affects you personally. you must be upset about something to title your own video predatory lender bastards. I thought predatory lending referred to mortgage companies..not short term lenders. Apparently you think they are the same.

[gamutman]

They are the same, and as I already noted, I have no personal stake. Why do I need a personal stake to dislike predators?

[phitau09]

we arent talking about the number of loans a person gets..we are talking about a simple loan costing 15 bucks to borrow 100 bucks. why does it matter to you how many loans someone does? Does it affect you?

[gamutman]

Have you been watching the news?

[phitau09]

what does 10 times have anything to do with it?

[gamutman]

If there is no limit to the number of loans they can give, then they can refinance the same loan over again and again. Ten was an example.

[phitau09]

oh really? why wouldnt it change? Isnt a 15 dollar flat rate fee on 100 dollars 15%? Where is the interest? People dont get charged anymore once they pay the flat rate fee...unless their checks bounce and then the banks come into play. So where do you get 391% interest on a two week 100 dollar loan costing 15 dollars. How would an apr apply to 14 days?

[gamutman]

I can't really explain it to you if you have a reading comprehension problem. Look again at what I just wrote in my previous post; and this time, go ahead and let your lips move. You know you want to.

[phitau09]

either way gam its 15 bucks per 100 borrowed for 14 days. Im not the sharpest math whiz but that would be 15% correct? How can you say payday lenders charge 391% interest when its a 2 week advance? Im sure your response would say..Well..thats would it would be if it was an annual loan..NEWSFLASH!! ITS NOT AN ANNUAL LOAN!! So why do you care about issue five to begin with? You must love the goverment having more control over what you can and cant do. You would be a model citizen in Havana.

[gamutman]

Actually, it's a 391% or MORE APR. APR, as you noted, stands for ANNUAL percentage rate. The fact that it's a 14 day loan doesn't change the APR. Additionally, these lenders often renegotiate loans adding the interest to the principal and creating a new 14 day loan. Do this 10 times, and the percentage on the initial principal is over 100%.

[scott575]

Wow where to start. First the database wasn't added by Issue 5, it was in the original law (HB 545).

Second, it isn't a few jobs it is 6000.

Third, the item you got in the mail is 100% correct. There will be a database with your financial information in it if you vote yes. There will not be if you vote no.

[gamutman]

Starting with point #3, the database only exists to alert payday lenders of how many people take those loans. My information is not in it and never will be. But even if it was, it's no different than my information being with Experian, Equifax, and TransUnion.

#2 6000 jobs isn't a lot, and I don't believe 6000 jobs will be lost.

#1, I misspoke; the law was worded to avoid mentiong the truth of the 391% annual interest rate. However, I'm not in the database, so the flier still lied.

[trirycheman]

Well said!