Monday, June 09, 2008

Payday Lending Law Costs Eastern Ohio

The effects of the latest government "protect us from ourselves law" the payday lending bill, are being seen already in a number of communities in eastern Ohio. One Zanesville based firm has now closed stores in Cambridge, Byesville, Barnsville, Coshocton, Logan, St Clairsville and stopped the opening of a new store in South Zanesville.

In a time of economic tightness in retail this law has resulted in 7 new empty retail spaces in small towns in Ohio from this one company alone. 7 locations that paid rent, taxes, and provided jobs to citizens in this hard hit area of the state.

7 towns where an option was taken away from its citizens so that now in a short term financial emergency they must either try to float a check which could result in $50 or more overdraft fees, or result to credit cards whose application fees, late fees, annual fees and interest rates way over shadow the $15 these citizens could have paid for a 2 week $100 loan.

Thanks for protecting us ohio legislators and Governor Stickland

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