Vote YES on Issue 5

391% IS TOO HIGH

Category:

News & Politics

Tags:

• PAYDAY
• LOAN

[nicolen1595]

i have felt this way for years, but what was I, one person going to do? credit cards don't even compare, for one they are regulated, you have bad credit you can't get one, they watch the amount of debt you can get, payday loans no one cares get as many as you like cause there is no good system in place, i had a woman that made 1200 a month and owed over 1500 a month back to 6 different places, and teletrack wasn't showing any of it, i had to cut her off, one of my best customers

[phitau09]

Over 150 stores in ohio have already closed so dont talk to me like people arent losing their jobs because they are. This issue is about choices too. Why should the govt have any say about whether or not I want to get a short term loan if i need the service? Id rather pay 15 bucks per 100 than bounce a 5 dollar check at the bank and pay 35 bucks nsf fee and then 6 bucks a day until its positive again. I dont want the govt anywhere near my fiancial history. good customers outweigh the abusers.

[nicolen1595]

the sad part is my best customers were the ones that were trapped not abusing, they did not have a choice. some stores will choose to close, but there are 1378 stores in ohio, we can stand to lose a few, that's why people are in these situations. there needs to be a detailed tracking for every loan done and teletrack's inquiries don't help when stores won't share info with each other due to privacy. i don't won't the stores to close i actually cared about my customers, i want it to be better!

[phitau09]

um actually its 15 dollars per 100 you borrow and that would be i believe 15% Plus its a 14 day loan, not an annual loan so the 391% apr that has magically appeared is inaccurate. God people are stupid. VOTE NO ON ISSUE 5!!! Save jobs and financial choices.

[nicolen1595]

I worked in this industry for 6 years and your right $15 per $100 is 15% if you only do it once a year....which leads me to the problem over 75% of my customers did loans every 2 weeks for the whole year...maybe skipping a week here or there...which makes the interest much higher...i had elderly people get trapped spending their whole check every month...you can't say that is right, those lenders have already applied for other licenses so get your facts right, those jobs will not be lost!!!

[phitau09]

why all of a sudden do people care about this whole thing? Is it because the gov't made a huge deal about it and everyone jumped on the bandwagon? I went to all the hearings on house bill 545. We tried to get a database in place but they didnt want to hear it. That would have solved this whole issue on the so called "cycle of debt" To the gov't its all or nothin. Voting yes wont solve this problem. Not as long as there are credit cards. Why doesnt the govt get rid of those?