Thursday, November 06, 2008

Pay Day Lenders Flee Ohio

Don't Let the Door Hit You....

Cashland announced that they were leaving Ohio after the passage of Issue 5. Good Riddance!! It is a long time coming, and please take the rest of the payday lenders with you. Who let these guys into Ohio in the first place? Why did we reform the usury laws to let these agents of poverty into Ohio? The state is a lot better off without payday lenders. It is a credit to Ohio voters to punish these charlatans for their deceptive campaign to trick us into allowing them to continue to rip people off. It is time for Ohio leaders and Congress to reform the banking laws so that we do not need payday lenders. We need to lower the bank fees, and bring some justice to the banking industry. We need to make sure that banks are not robbing people on a daily basis, but are serving the community.

Don't mourn for the payday lenders. They built an industry on greed and exploitation, and now they have to leave. We don't need businesses that push people into a lifetime debt. Back in 1999, the Grapevine did a feature about how check cashing stores seem to open next to bars. The article asked the question: why are these poverty centers setting up shop right next to bars? The check cashing outlets grew faster than the bars, but it was an interesting partnership in the beginning.

Next up for regulation: Businesses that rent furniture, recycling centers, pawn shops, plasma/blood banks, and the Ohio Lottery.

Posts by Northeast Ohio Coalition for the Homeless staff and Board.

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