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Ohio will reform payday loans so they can't charge over 28% on loans. I have heard that they will not be able to stay in business....anyone know what will happen with the existing loans we have out? I would be interested to hear from someone who had storefront PDLs and their state passed a law like this. did the PDLs want their money immediately or let you pay over time? I think this law is good to have but not necessarily good for those of us who still have several PDLs to pay off Smile

Posted: Wed Nov 05, 2008 6:15 am Subject:

Hi Cheekla, not sure what will happen with outstanding loans. I know serveral lenders have applied for the "small loan" licences, but I don't know which ones. Some are going to try to make it and see what other "products" they can offer. I was in a really bad PDL situation until about 4 months ago, when the law was first being looked at, I jumped out big time. It has messed up all my other bills, but the PDLS are all gone now. I just stop borrowing, let them default and paid them as much every payday as I could. They called alot, but I was able to head them off. I would say your safe for about 90 days from default. Before they might take you to court. Getting out was the hardest thing I've ever done. I was very scared and like it said it has now messed up the rest of my life, but I got out that's the most important thing!

Sit down and figure out how much you owe, how much you can payback each payday and just jump!

Good Luck Reny

Posted: Wed Nov 05, 2008 7:05 am Subject:

Glad you got out lmale.... i'm sure ALOT of people are in this situation now. I'm in the same situation as you Cheekla, I will keep you updated if I find out anything.

mis · Posted: Wed Nov 05, 2008 7:09 am Subject:

what will happen now will storefronts close if so which ones

Posted: Wed Nov 05, 2008 7:12 am Subject:

only time will tell:)

PDL Owner · Posted: Wed Nov 05, 2008 7:59 am Subject:

I do not have stores in Ohio, but have dealt with this before. As of this morning, I would guarantee that any store still doing loans yesterday will no longer offer loans today. They will go into a "collection" mode or attempt to move thier current customers to a new installment product. Will they ultimately close thier doors? Look to Arkansas and Oregon for your answer.

Your elected officials and now the liberal voters have forced anyone in the need for a short-term loan to the unregulated world of the internet. Yesterday, if you needed a small loan, you could walk into a licensed storefront or seek out a licensed internet lender to borrow from and have a controlled environment for fees and processes. That, my friend, is now gone.

Posted: Wed Nov 05, 2008 8:04 am Subject: reply

and the internet pdl's will soon follow,so quit the crying owner.

Posted: Wed Nov 05, 2008 8:19 am Subject:

and if we are lucky, other state will soon follow suit Twisted Evil

mis · Posted: Wed Nov 05, 2008 8:43 am Subject:

what happened in arkansas and oregon. i talked to one lady who works at storefront and she said they would be fine and signs are up saying new loans and new customers welcome

PDL Owner · Posted: Wed Nov 05, 2008 9:04 am Subject:

MOst companies have tried to work within the guidelines set forth by the state and have since closed thier doors. This leaves residents out of work and landlords with no rent.

By the way, you're living in a fantasy world if you think that the off-shore companies will not ramp-up marketing to Ohio. They will buy leads by the thousands every hour and approve loans at $30 per $100. Just watch...

Your state, my state, nor any other state has the means to stop it. Now they just have no means to regulate it!

Reality is an awful thing to face. Fortunately, I do not do business in Ohio, so it is a tad bit easier.

Just as there has already been an announcement of 150 jobs lost due to this, there will be more to come. Reality also will demonstrate that internet loans and Ohio residents going to IN/MI/KY to borrow will skyrocket.

Posted: Wed Nov 05, 2008 10:17 am Subject:

Please go away.

PDL Owner · Posted: Wed Nov 05, 2008 10:30 am Subject:

Go away??? Why?

Show me where anything that I have stated is inaccurate? It might not agree with your message of telling people to not take responsibility for their obligations, but it is not inaccurate.

Just for fun, I would challenage anyone out there to cite and example of a time when they were "forced" to take out a payday loan. Did an employee require you to walk in thier store or go to their website and physically make you fill out the application, supply your paystub and bank statement. The they "made you complete the transaction by writing a check or requesting an amount?

I challenge anyone to show where the PDL store was responsible for you to make a conscious decision. I/we are not the bad guys, it is the customers that abuse the system and live outside thier means. Of all of the customers of the PDL industry, approximately 95% of them use the product responsibly and appreciate what we offer. The truth is that if you have more than 2 or 3 loans out, you need to restrain yourself and ask for help, not pass the blame to those that YOU seek out to borrow from. There are ways out, but you have to first stop borrowing, then seek help. As I stated in another thread, seek out an affiliated agency of CCCS as they do not charge you a fee and can help in most cases.

Posted: Wed Nov 05, 2008 10:44 am Subject:

That may be the case but some of the companies do not check the laws in the states where your customers live. In some states payday lending(including internet) is illegal. Then your organization want to call a person job all day long for an illegal loan that you make in the first place. On this forum, the moderators always tell people to pay the money back from an illegal loan. Now my question to you is why do you call people after you have been fax or e-mailed an cease and desist letter. Also, who can we contact in your country when you bug us.

SeeinRed23 · Posted: Wed Nov 05, 2008 10:50 am Subject:

I seriously doubt that 95% of people using payday lending is using it responsibily under such astronomical interest rates. You think you make the right choice --- but the finance charge is so large it is very difficult to get out from under it. The other thing is as soon as you know you can't pay a loan ---- all the company says is sorry --- can't do anything for you until the checks are returned NSF (as it racks up NSF fees because they have converted your check into an ACH transaction and continue to do so continuously until your account is closed) and then ----- they will call you and say the amount is due in full. There is no help there.

Sorry --- I'm glad the Ohio people made the decision they did. All is fair --- went to the ballot, voted on by the people and the concensus is they shouldn't charge such rates.

PDL Owner · Posted: Wed Nov 05, 2008 10:56 am Subject:

waasu91, you are exactly correct about the illegal lenders on the internet. In this day and age, there are few if any bricks and mortar stores that are operating illegally. On the internet, it only take one click to find hundreds. That is why I have stated over and over to look for licensed lenders only. If they have a license, then they are required to abide by the laws for YOUR state, not Utah, Delaware or someother faraway country.

As for your question about a C&D letter. Retain an Atty, have them send it and I am required to cease contact. Print it off the internet in order to not pay me back and I continue to collect "my" money that YOU chose to borrow. I follow this practice because I am licensed in the state that I do business. BTW, my company has a website with telephone, address, email and my name listed.

Posted: Wed Nov 05, 2008 11:13 am Subject: reply

owner,most if not all internet pdl's know the laws yet break them left and right.it is up to the lender to follow the laws and not lend where they shoudln't.example:i am in illinois the law states that a pdl internet or storeront must be licensed to lend in illinois.however that didn't stop 11 illegal pdl's from lending to me.again it is up to the LENDER to follow the laws and not lend where they shouldn't.

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