Comment history for Kcm

Kcm  (anonymous) says...

My views are not heavily skewed.... and I don't have a conflict of interest. I am not concerned about my job or myself--- I am much more worried about our customers and the state restricting free enterprise.

Even though you clearly don't agree with pday loans, we are not parasites.

So in your opinion some consenting mature educated adults need to be protected from themselves and decisions you dont think they should make? Where does that stop? Who stops it?

If you'd like to truly see the absolute absurdity of this line of faulty reasoning.....

We should ban and eliminate payday loans b/c a small minority is irresponsible and has trouble making "good" financial decisions and budgeting? So basically let's punish the MAJORITY for the mistakes of the MINORITY.

Gosh-- I certainly hope we don't apply that same flawed line of reasoning to driving, eating, smoking, drinking or anything else. Because it's totally idiotic!!

Some adults get into accidents, yet we don't ban EVERYONE from driving.

Some are overweight and eat fast food , yet we don't ban food or require anyone to eat only at certain restaurants or only eat specific foods.

Some want to smoke & drink, they may be addicted or spend "too much" money on those vices, yet we don't ban smoking or drinking.

Some blow all their money on "frivilous items ie-- lottery, gambling, clothing, electronics, etc & consequently can't and don't pay their bills, yet we don't take away their money.

Punishing everyone for the mistakes or poor judgement of a small minority of others WRONG. The Ohio General Assembly is attempting to protect us from ourselves--- how ironic!!!We need protection from them limiting our basic rights--- including financial freedom!!!

Adults are and should be responsible for their choices! Don't tell me how or where to earn my money and certainly don't tell me where I can spend it!! MY $$, MY CHOICE

NO on 5!

Kcm  (anonymous) says...

First of all-- the PD lending Industry is *already regulated* in Ohio. They are not operating illegally. And no they are NOT free to decide under what laws they operate- -- for cripes sake this isn't an episode of Sopranos!!

Government stepping in to help?? Protect us from ourselves?! Umm, no thanks!! I'd prefer less (a lot LESS) government intrusion considering the current state of Ohio's economy & 60M deficit created by the same OGA that voted yes on HB 545. IRONIC

"Working poor?" Not exactly. Majority of PD customers earn an annual salary of 25-50k, and that's not HOUSEHOLD income, that's individual income. With the minimum wage at $7/hr which is $14560 annually, I don't think 35k is poor.

"No power to stand up to them?" So are you saying the customers of PD loans are stupid, or being forced into these loans? Come on seriously-- no one has a gun held to their head and they are not being forced to take out a PD loan. Adults weigh their situation and options, freely walk into a store, present necessary documentation, review and sign a contract, and walk out with their loan. There is no coercion, there is no forceful sales pitch. They are there of their own accord!! Consenting adults making the best decision for them.

As a citizen of Ohio 1st and an employee of a PD lending company 2nd, I sincerely hope that my fellow Ohioans understand what is at stake here on Issue 5!! Financial freedom is having options available and making the *best choice* for your individual needs. It doesn't mean the OGA, under the guise of "paternalism" can call all the shots by telling us they know better than we do. It does not mean eliminating viable options for adults, especially when the economy is in such a horrible state.

VOTE NO on 5

Kcm  (anonymous) says...

Atownparent---

(1) Banks and credit unions do NOT OFFER no collateral short term loans.

(2) 28% is not profitable for ANY BUSINESS which is why not ONE BANK or CUnion has stepped in and said "we'll write these loans under the new law" NOT ONE in OHIO!

(3) Why are you not ranting and raging about the bank's fees? Interest? Profits?

(4) Why do you care where, why and what I spend my money on? If I choose to cash my check and blow it all on alcohol-- no can stop me. Or maybe I should blow it all on keno instead. What gives you (and the Ohio General Assembly) to limit my financial rights?

VOTE NO on issue 5!

Kcm  (anonymous) says...

Forget if you agree with pday loans or not- FOCUS on the fact that the OGA thinks they have the right to control what financial options are available in Ohio. Big brother style

FOCUS on the fact that other adults are capable of making their own decisions, based on their life. Who are we to say no, you can't use that credit card/bank?

FOCUS on the fact that eliminating pday loans DOES NOT eliminate the need for short term financial options.

FOCUS on the controlling & spending of our household $ by the state. The gov't has shown they are not responsible or budget conscious. Ohio /> 60M in debt!

FOCUS on what else the gov't is going to decide (under the guise of paternalism) that we aren't capable of handling. Restricting how much $ on food/alcohol/cigarettes/housing/gambling /clothes?

FOCUS on the fact that the OGA is intruding on personal financial decisions-where does it stop?!

The Issue is WAY bigger than PD Loans- its a BASIC FUNDAMENTAL RIGHT!

NO on 5

Kcm  (anonymous) says...

Stan--

how can you justify your statement "the rich lenders get richer and the poor get poorer" when PD lenders make a profit 3x LESS than traditional banks. Are you angry at the banks for their profits too? Or is it just (mis) directed at PD lenders?

And for the last time--- a one time loan is not 391%!!!!
If you go into a PD store today and borrow $100, the fee is $15. So in 2 weeks you will be required to payback $115. FACT!! It's a short term loan and should not be confused with 52+ week loans and a regular APR, since it's a different type of product.

A PD loan is certainly cheaper than bouncing a check since BankRate.com just released a staggering figure--- Average Bounced Check Fee nationwide is $28.95!!!! WHAT?!!! So PD loans are a less expensive alternative to highway robbery.

If you rent a car for a day and it costs $29.99, do you compute the annualized cost to rent it??? Uhhh no!! It's intended to be a SHORT TERM rental.

Financial freedom is having options available and making the *best choice* for your individual needs. It does not mean eliminating viable options, especially when the economy is in such a horrible state.

***Vote NO on Issue 5 in Ohio!!***

Kcm  (anonymous) says...

dmets--- "This business is an $85 billion industry..." So by this viewpoint....any business earning over a certain smount should "give their customers a break" as you say? Do you feel that way about the traditional banks?? B/c in 2006 they earned 53 BILLION DOLLARS in bounced check fees, late fees and daily overdrawn fees. 53B for only those!!!!

Do you think the gas companies should give us a break by cutting into their profitability? Retailers? Food Industry? Airline Industry? Toy and Book Industries? Auto Industry?

Companies exist to make a profit!! Business 101. And PD lenders profit compared to the top 10 banks in the US is 1/3 of theirs!! Top 5 PD lenders 6% vs Top 10 Banks 18%. So who exactly profiting more?? And for comparision sake-- IHOP's is 12.6%. Hmmmm, PD lenders profit is MEASELY compared to 12.6% and 18%!!!

And as for 28%? Why has no bank or credit union stepped up and stated they will start writing similiar loans under the new law??? Hmmmmm......Consider the difficulties payday lenders face to stay in business under a law that limits their interest rates to 1.08% for a two-week loan. That is, if you take the new 28% yearly interest rate and divide it by 26, you get 1.08%, which is what lenders will be allowed to charge per every $100 they loan. Under the old Ohio law, they could charge up to $15 per $100 borrowed, or 15%.

So..... in case you are missing the point....
28% on a SHORT TERM LOAN IS NOT PROFITABLE!!!! For any business

And oh yeah-- you may want to read this too:
“A new report has been released that backs up the claim that the payday lending “reform” legislation passed earlier this year will result in significant job loss across the state. Backers of this legislation deny this, but it seems the data doesn’t support their contention.

The report by William D. Keip, President of Keip Government Solutions, concludes the following:”

10,308 Total Ohio jobs lost

6,000 PayDay Lender jobs lost

$497.2 million Economic Activity

$218.5 million Total reduced earnings

$145.6 million Reduced earnings-direct PayDay Lender jobs

$262.0 million Total reduced spending

$ 16.7 million Loss of state/local Ohio taxes

http://www.buckeyeinstitute.org/blog/...

!!!Vote NO on Issue 5!!!

Kcm  (anonymous) says...

Who has endorsed a “NO” vote on Issue 5?

· The Ohio Chamber of Commerce

· Ohio Grocers Association

· Ohio Christian Alliance

· The Coalition Opposed to Additional Spending and Taxes (COAST)

· Americans For Prosperity

· Dr. Tom Lehman, Buckeye Institute for Public Policy Solutions

· Property Rights, Freedom Fighters

· National Taxpayers Union

· Ohio Libertarian Party

· High Impact Leadership Coalition

· Call & Post – Ohio’s largest African American newspaper

· Lake County News Herald, Lima News, Hillsboro Times, The Newark Advocate

· Hundreds of other Ohio consumers and businesses at www.Ohioans4FinancialFreedom.com

!!!VOTE NO on 5!!!