10/18/2008 1:59:35 AM

In 2006, both current presidential candidates, Barack Obama and John McCain, gave ardent support to a bill that took away a select group’s access to no fax payday loans. The bill, which went into law in October of 2007, capped the interest rates that payday loan stores could charge military personnel at 36 percent. The reasoning behind such a measure stemmed from an increasing number of American soldiers in the Army, Navy, Air Force, Coast Guard, National Guard, and other branches, discovering that loans had been taken out, in their names, without their knowing. Sometimes, they wound up being victims of identity theft. Other times, their spouses took out loans in their names without their consent, and then defaulted on them. Even worse, claims were made and accepted by the public that members of the military, who traditionally are low-income folk, also have little to no fiscal know-how. Therefore, in the interest of preventing these folks from compromising their security clearance, the government ruled in favor of the measure. Now, Obama has gone on record, declaring that he supports a measure that would impose the same interest cap for everybody, thus driving the entire industry out of the country. With the option of financial freedom at stake, think about this before casting your vote.
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Payday Loan Advocate

10/30/2008 1:18:41 AM

Because the 2008 Election in the United States is forthcoming, those who depend on the access to payday loans when faced with surprise expenses need to fight to keep that access. Banks and credit unions are fully supporting House Bill 545 because HB 545 will eliminate the competition—payday lenders—and in doing so, the banks will benefit from an extremely profitable service: overdraft protection. The people of Ohio have the opportunity to voice their concerns about financial freedom. Opponents of the payday loan industry make a big hullabaloo about the “monster” 391 percent APR on faxless payday loans, but if we’re being honest, it should be noted that the APR on overdraft protection usually exceeds 1,000 percent. Who’s the monster now? Plus, voting NO on HB 545 will help prevent the loss of over 6,000 jobs in the state of Ohio. It’s probable that if employees of the payday loan industry were to lose their jobs, due to such government overregulation, they would leave to work and even live outside of Ohio, which will create a tax and spending-power deficit for an already struggling state economy. Additionally, there will be over 1,600 empty storefronts, which will deter potential businesses from starting up in Ohio. Read the discussions people are having about HB 545 on the blog at ideatreks.wordpress.com/.../. NO on HB 545 makes sense if Ohio wants to fix its economy.
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David Johnston

2/27/2009 9:43:00 AM

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