If ohio house bill 545 passes, what options for pay off do people have?

Question

If ohio house bill 545 passes, what options for pay off do people have?

Answer 1

In terms of companies, I highly doubt it. The cap is being placed on all payday advance companies and banning online payday loans for OH. The only alternatives will be what you tried to avoid before...especially the illegal stuff.

I'm sorry that Mbr offered no assistance except a one-way opinion...someone who's probably never needed a payday advance or had something else to fall back on.

Some people are either too embarassed to ask family so they use payday advance companies. Some do not have family with free money lying around, so, to prevent multiple overdraft charges or getting utilities turned off, etc, they use payday advances.

In addition to the suckage handed to the consumers, 6,000 people are losing their jobs when food and gas are going up. Yea..."good riddance" is the response that those people need to hear. I'm sorry cold hearts with no REAL interest in helping people are winning this battle when those who need it are getting punched in the face.

Answer 2

The payday loan companies aren't as bad as everyone makes them out to be if you use them responsibly and there technically isn't a 391% APR. To use an APR the loan has to be taken out for a year, where as payday loans are maximum term of 16 days unless you are a monthly paid customer. So technically the loan is only $15 per every one hundred dollars. Which I'd rather pay the extra $15 then have overdraft charges of $37 at my bank. I've done the whole overdraft things and it isn't very pretty, especially when they add up. The sad part is the 7,000 people in Ohio will lose their jobs adding on to the already redicious unemployment rate.

Answer 3

I thought it passed.  

This isn't an insurance question.   But the bill limits the amount of interest that payday loan companies can charge, to like 21% apr.  As they currently charge like 400% apr, most payday loan outfits will go under.

Rightly so, as they prey on the people who can least afford them.

Answer 4

You still need to pay any outstanding advances as usual. You signed a legally binding contract. House Bill 545 does nothing to prevent lenders from collecting from current customers.

I would suggest reading your copy of the contract you signed when you took out the advance to see if that company offers any alternative ways to pay the loan.