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 Posted: Thu Dec 13, 2007 9:58 pm
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I saw in my local news last night where here in OHIO they are trying to pass a law stating that PDL's can't charge more than..... get this....36% interest!!! There was a hearing yesterday at our statehouse about it. WHOA WHOOO!!! I hope they get some where with it!
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Lren0318
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Posted: Thu Dec 13, 2007 11:06 pm
Latest Blog Post : Yardwork...Season 2 |
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That is terrific news! 
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Jessi
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Posted: Thu Dec 13, 2007 11:35 pm
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On the one hand, that sounds like a terrific reduction. Great news indeed! I hope they manage to pass it.
On the other hand... Thirty six percent!? Gah.....
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unclewulf
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Shazzers
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Posted: Thu Dec 13, 2007 11:43 pm
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Shazzers, what are they allowed to charge now?
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unclewulf
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Shazzers
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Posted: Fri Dec 14, 2007 12:01 am
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It will be the end of storefront payday loans in Ohio if it passes. The big chains all closed up shop in Oregon and are pulling out of DC when they went to 36% caps.
I doubt they'll be missed, though . . .
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FreakyFriday
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Shazzers
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Posted: Fri Dec 14, 2007 12:11 am
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Does it look like it's going to pass, though? Virginia and New Hampshire keep talking about going to a 36% cap but the bills never get out of committee. And Check and Go is based in Ohio. I'm sure they have one hell of a lobbying budget.
It would be great if Congress would just step in and set a cap for the whole country like they did for the military.
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FreakyFriday
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Shazzers
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Shazzers
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Posted: Fri Dec 14, 2007 12:51 am
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has anyone else heard that the small storefront pdls are actually owned by big banks and corporations? If this is true I think they will just think up new way to make more $ no?
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socksfullofrocks
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Posted: Fri Dec 14, 2007 1:25 am
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Most storefronts are part of chains that range from small 10 store outfits to Advance America with nearly 3,000. And yes, I'm sure they will think of new ways to make money, although I don't think that's necessarily a bad thing. I don't know very many people, let alone companies, that don't want to make more money.
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FreakyFriday
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Posted: Fri Dec 14, 2007 1:50 am
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I agree Freaky but why would it be the end of storefront pdls in Ohio or anywhere else?..cant they simply reopen under new entity or name? and yes the bigger the co is the more money they will and can figure out how to make you are so right!
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socksfullofrocks
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Posted: Fri Dec 14, 2007 6:08 am
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here's a story from September, I still looking for the one from the other night.
oxfordpress.com/business/content/oh/story/.../07/hjn090707payday.html
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Lren0318
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