Payday Loans About to Leave Ohio

Well I heard on tne news yesterday that the bill passed the house and is now in the Governor Strickland's office for his signature. They are reporting that Cashland will be closing as well as Check into Cash. WOO !!!! Having been in payday loan hell for about 8 years and after having finally dug myself out I couldn't be happier.

I would guess that you still owe the money but they would have to work out a payment plan with you.

When it happened in Oregon all the companies wanted the loans paid in full.

What will most likely happen is the same - They will want payment in full. They are never going to offer payments, that's not like them.

Well what can I do? Stop payment on the checks?

I'm in this boat too, I'm so glad about the new law cause now I can get out...I have 3 out right now, all due friday, can't pay, I don't think we can stop payment either. Mine are going to bounce, and I'm going to make payments, wheather they like it or not, I have no other choice.

According to what I heard on the news this morning, all payday loan companies will have 90 days AFTER the bill is signed, to comply. So, if you haven't defaulted and still want to evoke the EPP, now is the time to do it.

Well wanting the money up front and getting the money are 2 different things. I hear that now the payday loan companies are only giving 50 - 100 dollar loans and are not taking any new customers so people who have loans out wont pay because they wont be able to take out another loan. It's just a mess all the way around.

Will be interesting to hear if anyone here (or elsewhere) is contacted by the PDL's in Ohio about what they intend to do. I would imagine if they're going out of business, they would be contacting their existing customers.

What is the EPP? (I'm new to this website and don't know how to navigate it yet. Sorry if more than one post comes up, and NONE of those pictures so far looks like me! lol)

It's very hard to predict how any of these pdl companies will handle loans that are already out there, some may feel defeated and take what they can get, others may become more aggressive and go after thier money full force. This has to have affected the employee moral, I honestly can't see the employees putting too much effort into collecting money owed, knowing they will soon be out of a job. :?

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right that's what I'm hearing also...The PDL claim they don't know if a customer borrows from different lenders at once, but I'm sure they are about to find out how BIG this issue really is, when no one comes in to pay back on Friday.

Exaclty. It's probably going to be an empty place at the payday loan companies for people who realize they wont be able to take out another loan. And can you imagine the anger when they take the customers money and then tell them that wont be able to take out another $500 loan. The poor employees are going to have a rough time.

Here in Toledo all 500 PDL companies have signs up saying call the governor and tell him no on bill ???? I never realized it but a girl who used to work for me, is a manager for a storefront PDL and sent out a myspace bulletin asking all of her friends to call Ohio legislation and tell them not to pass the law. I saw this last night. I couldn't believe it. Sure I feel bad she is losing her job, and she is a very nice girl and I can't believe she works for the PDL company. But I sent her a message to email or call me because I have some questions regarding everything going on and repayment and what not. I am lucky and only had 3 internet...but whatever I find out, I will for sure pass on to everyone else as soon as I can. And if anyone has any questions you want me to ask her...let me know. We used to hang out a lot together 3 or 4 years ago so I am sure she will not have an issue with it.

GREAT!! Yes please find out all you can....

I do realize that the payday loan industry did need to be regulated but I do feel bad for all the poor people who will be out of a job.

There are alternatives. I've heard of an organization in Cleveland that has small loans, with ample time to pay back. All these knuckleheads have to do is cut back on their expenses a bit and give more time to pay back. I have one internet loan that I am almost done paying off. maybe I paid more than I should have in interest, but paying back $50 per pay vs. $575 per pay over a few weeks was much, much easier!

This is always been something that has bothered me . . . . There also has to be some personal responsibility involved. Yes, it's very easy to take out payday loan after payday loan. But we shouldn't need to rely on the businesses themselves to tell us no.

I know in Oregon they did not all close at once. In fact, there are still quite a few places open. All the big ones folded eventually, but most of the smaller ones stayed around.

I do know that it was a huge blow to people that had multiple payday loans out with storefronts in Oregon when the law changed. Life sucked for them for a few months until they got back on their feet. All the loans were due in full. But this was also back before CFSA's EPP . . . . So maybe it will be different, but I don't think so.

If the stores are closing and pulling out, they will probably aggressivly try to collect what they can now. It will be much harder to collect and recieve payments when they have no businesses in the state.

I'm not even sure if the EPP will work, since the stores are closing and this is not a normal situation . . . . .

I agree, I feel for the folks losing their jobs, and I also agree that if they could have offered better/longer payback terms it would not have had to come to this.

Problem is - Payday loans by definition are due in full on your payday. So by offering longer terms and easier payment options, they are no longer a payday loan.

I hated getting involved with pdls again after being free from them for a couple of years. While there may be some people who weren't really responsible and borrowed to get things, some of us had every intention of paying back for the emergency car repair, medicine, etc. In our case, because only one of us was employed at the time, paying back in full meant not having the money for bills, food, car note, etc. Soooooo....after paying $575 we borrowed $575 the next day to survive...and so on.

I agree. If the companies had been more understanding about you paying them back when you couldn't it indeed would not have come to this. Bad thing is once they sent my unpaid loans to outside collecters they were much more interested in taking whatever I could pay and I really appreciated that. That's how I was able to pay them off. It's predatory lending plain and simple. I take responsibility for my part in it but they knew what they were doing by charging 300 % interest.

Goudah, I agree with you too, WE have got to take the blame also. I blame myself for this mess daily, I knew better. I think back and the first time I took a loan I could not afford to pay it back, I should have defaulted and took my punishment at that time, but NO I went and took another loan trying to cover the 1st one...I think there's how most of us get into trouble. On top of that, I understand they have every right to collect the money owed to them, But they do encourage people who can't pay back to "Just Reloan".....And again I know no one held a gun to my head, but when you are scared and don't know how or what to do, we end up making dumb mistakes in the end.

Kporter I did the very same thing. All it took was one or 2 emergencies to happen and then you were stuck. It's a viscious cycle. One expensive car repair that totally throws your expenses and you are doomed.

Imale you are right. I know I was scared that I would go to jail for passing bad checks. These people threatened and coherced and yes they would encourage just paying them back and writing again. It was a never ending viscious cycle. I wanted to kick myself for YEARS over ever doing it. I wondered how I could ever be so stupid.

I agree that they totally encourage people to reborrow - I had one lender tell me to go take out a loan from someone else to pay them off.

I just think people's lives won't really change, they will just find another outlet, until they take responsibilty and admit they played a part in the problem. You have to know what you did so you can watch for the same type of behavior in the future so you don't get into a mess like this again.

Agreed! I've learned my lesson and I hope everyone else does too! This stress over the last year has just about killed me, its taken a toll on me at home and work with the constent worrying and the sleepless nights, I've already deicide the next time I need money, I will get a 2nd job for a while, I will do whatever I need to do, not to get in this kind of situation again!! Scouts HONOR!

Exactly! :D

There are those who keep harping on "It's only $15 per $100" Weeeelllll, let's just add that up shall we?
Personally, we typically owe 4 pdls an average of $575 per pay on a $500 loan. On the average, we get paid bi weekly, or twice a month. That means we pay back $600 per month in FEES and INTEREST! And on the rare month where we get paid a third time, tack on another $150. "$750. I look forward to putting that kind of money on our bills and into SAVINGS!

Yes Goudah and once I took responsiblitiy I finally have peace and when I get paid my check belongs to me. I pay the things that should be paid and I make sure that if an emergency arises I have a little something to help me. It's a really great feeling. Finally I have control over my money.

Kporter - That is what I'm talking about - You can't take the total like that. It's per loan. They cannot assume that everyone takes out 4 loans, even if that's what ends up happening. That is not the fault of the other companies, and they shouldn't have to take into account what you are doing with other businesses when they set up their business. That just makes no business sense.

That's like telling McDonald's that they need to make their Big Mac less fattening, because you aren't just eating a Big Mac for dinner, you are also having a Whopper from Burger King, a Super Star from Carl's Jr, a double with cheese from Wendy's, and a Jumbo Jack from Jack in the Box . . . . How is that McDonald's fault that you ate too much?

I think most of us set out to take out "just one" and pay it back; but as the man said, "Life happens while you're busy making other plans," many of us had emergencies in the meantime which took money, so we weren't able to pay the PDL back. So in addition to our regular expenses, we also had the fees for the PDL. And, more than likely, took out another PDL to cover THOSE expenses, and well, we all know how we wound up. I might feel sorry for some of the individuals who work in those places, but I don't feel sorry for the companies who think a 20-something percent interest cap isn't good enough.

I agree that life happens - But what I'm saying is that it isn't the comanies fault that we took out the loans in the first place. We have to accept the responsibility on our part for taking out more loans then we could handle.

I agree goudah. I'm not one of the ones whining and totally blaming the system. I feel a little better already knowing it will soon be over. I just want to be able to pay them back and have our checks to ourselves, like it is supposed to be.

My advice is don't stick your head in the sand. Call them up and ask what is going on. It is better to know than not to know. I have 3 store front loans. I've called them all up to ask what to espect. They are more than willing to tell you the store's plan. I do feel bad for them (the workers). Most of them are really nice people and they are very concerned about loosing their jobs.

I can tell you what I've been told, but I recommend calling on your own. Your stores may be different from mine.

American Payroll Advance- not loaning anything to anyone "at this time".

Check into Cash - Business as usual for current customers only.

Advance America - Business as usual for current customers only. They also said that they believe they will have an additional 90 days to operate, after the bill becomes effective in 90 days.

Cashland - Loaning to customers that have been doing business with them within the last 2 weeks. However, they willnot loan you more than the amount of your last loan.

When you know what they are doing, you can make a plan to pay them off. It is better than worrying yourself sick.

Goodluck!