Mr. Callen's letter demonstrates he knows little about the payday lending industry. It has nothing to do with the mortgage lending crisis and to try and draw a parallel between the two is ridiculous. The payday industry was created when banks refused to grant unsecured, short-term loans, and payday lenders filled the void. There is a tremendous need for these types of loans as their growing popularity indicates. Millions of customers use them for emergency expenses and 95% pay them back on time. Ohio lawmakers acted out of selfish power mongering not concern for citizens on HB 545. Vote NO on Issue 5!
It srikes me as totally inappropriate for clergymen to be commenting on a political/economic issue. Surely they have more pressing concerns with their congregations. Payday lending seems to have become the scapegoat for the larger fiancial crisis facing our nation. The irony is that consumers will need access to emergency short-term credit now more than ever, just as attempts are underway to abolish that option. To pay $15 to borrow $100 for two weeks is not "immoral." Let the people decide this issue, and keep politics out of the pulpit!
Excuse me, but just when did we in this country go from being "Free to make our own economic decisions...free to succeed or fail..." to having some self-serving legislator decide what's good for us? Did payday loan customers ask to have this financial option abolished? No, it is the banks and large so-called "consumer" groups like CRL who stand to reap huge gains if payday lending goes away. Watch out, McDonalds and Burger King, you could be next. After all, we have to protect those who can't stop themselves from eating too much!
Posted on October 29 at 10:37 a.m.
Mr. Callen's letter demonstrates he knows little about the payday lending industry. It has nothing to do with the mortgage lending crisis and to try and draw a parallel between the two is ridiculous. The payday industry was created when banks refused to grant unsecured, short-term loans, and payday lenders filled the void. There is a tremendous need for these types of loans as their growing popularity indicates. Millions of customers use them for emergency expenses and 95% pay them back on time. Ohio lawmakers acted out of selfish power mongering not concern for citizens on HB 545. Vote NO on Issue 5!
Posted on September 26 at 9:37 a.m.
It srikes me as totally inappropriate for clergymen to be commenting on a political/economic issue. Surely they have more pressing concerns with their congregations. Payday lending seems to have become the scapegoat for the larger fiancial crisis facing our nation. The irony is that consumers will need access to emergency short-term credit now more than ever, just as attempts are underway to abolish that option. To pay $15 to borrow $100 for two weeks is not "immoral." Let the people decide this issue, and keep politics out of the pulpit!
Posted on May 8 at 2:17 p.m.
Excuse me, but just when did we in this country go from being "Free to make our own economic decisions...free to succeed or fail..." to having some self-serving legislator decide what's good for us? Did payday loan customers ask to have this financial option abolished? No, it is the banks and large so-called "consumer" groups like CRL who stand to reap huge gains if payday lending goes away. Watch out, McDonalds and Burger King, you could be next. After all, we have to protect those who can't stop themselves from eating too much!