Wednesday, October 22, 2008

Why Am I Voting YES On Issue 5?

There are 391 Reasons to Vote YES on Issue 5. Here are 5:
  1. Yes on 5 lowers interest rates on payday loans from 391% to 28% annual interest.
  2. Yes on 5 ensures that loans will still be available for people who need them, but the interest rate is reduced so that it is comparable to the rates charged by credit cards.
  3. Yes on 5 helps prevent Ohioans desperate for quick cash from falling into a cycle of high-cost loans that they can never pay off.
  4. Yes on 5 extend the same payday loan protections to all Ohioans that the federal government provides to military families.
  5. Yes on 5 approves the new laws endorsed by Governor Strickland and the Republican and Democratic leaders of the Ohio Legislature. They believe the state has a fundamental obligation to protect Ohioans from excessive interest rates and defective financial products.
Click the pic for more info. Are you voting YES on issue 5?

9 comments:

Anonymous said...

I'm voting yes on issue 5! 391% APR is NOT financial freedom!

curtis said...

I'm sorry I can't vote yes on issue 5. I live in michigan!!!!!

Anonymous said...

Im voting no on 5 cause APR ON A TWO WEEK LOAN IS MISLEADING.Plus I hate GOVERNMENT CONTROLLED DATABASES THAT TRACK PEOPLE WHO HAVENT DONE ANYTHING WRONG.Government intrusion +6000 jobs LOST =...VOTE NO ON 5

Anonymous said...

TRUE DAT NO ON 5.STOP GOVERNMENT BIG BROTHER TACTICS.VOTE NO ON 5

Anonymous said...

I know payloans are wrong on so many levels. Do we need the goverment to tell us that? People read the fine print. Do the math.

Anonymous said...

Lets face you just cant put an APR on a two week loan.It shouldnt apply.SORRY MAN!IM voting NO on issue 5

Mike Fortune said...

The typical payday borrower takes out 11 to 12 loans per year and they typically wind up involved in the product repeatedly for up 18 to 24 months--not 2 weeks. 300k Ohioans are trapped for years like this. No wonder the number of pay loan storefronts skyrocketed from 100 in 1996 to more than 1,600 today!!!

Anonymous said...

Mike where did you get that data I have heard it's more like 5 but lets face even 11 or 12 doesnt come close to that 391% APR it would take 26 times in a year to get that number.You got to admit that number is out there to scare people.vote no on 5

Mike Fortune said...

Dear Anonymous,

The data came from the Ohio Coalition for Responsible Lending which an expert hired by the payday loan industry, Pat Cirillo of the Cypress Research Group, confirmed when she testified on behalf of the payday lending industry. The only people 391% annually fails to scare are those who don't need the loans to begin with. I got the info from the following websites:

http://www.yesonissue5.com/faq.html
http://www.yesonissue5.com/cbs_news.html