There’s a fight going on between the Ohio Legislature and the state’s payday lenders. Obviously coming out in favor of their own industry, the payday lenders have joined forces to reject the new legislation and have unveiled a new ad featuring an honest, hard working Ohio farmer talking about how he used payday lending responsibly to fix a belt in his truck, and why YOU, good Ohio citizen, should reject H.B. 545 in the next election.
Let me inform those who don’t know: farmers are largely self-employed, so getting a $100 advance on what someone pays himself doesn’t make much sense. Additionally, if his business (farming) is in such bad shape that he couldn’t fork up the extra cash (or, didn’t have savings), chances are he would need much more than $100 to get him out of this rut.
Moving on, and this is all my opinion at this point, payday lenders are extremely predatory by practice and 15% interest a week (give or take) is certainly not going to help keep honest, hard working Ohio families out of debt. As much as I don’t want to see 6,000 Ohioans out of work, I find it difficult to rationalize how these organizations are bettering our communities.
While I can appreciate the marketing spin, they’re trying to rally support behind a wolf in sheep’s clothing—something that makes me even less inclined to support their cause.
I encourage you to see the ad for yourself: http://www.ohioans4financialfreedom.com/.
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