I got stuck with one for over a year, several years ago. Never again!! The thought of having 3 or 4...I find it terrifying.

the payday loan places are only good for a temp. emergency and they have to be paid back very quickly.y wife and I needed to use them a few months ago when our dog was very ill and we need 2500 for the vet. we hit 5 places for 500 and paid one off every 2 weeks. the interest is brutal. they will drain any extra money you have, but we saved our dog. we dont like to ask family as our problems are just that. this way we dont have to hear any crap from anyone about what our choices are and what we do.

Too Smart: yes, sell off what you can, and get a second job. If you can pick up 15 hours a week and clear $125 a week after taxes from it, and resist the temptation to spend the extra money, you can have that $2000 paid off by Thanksgiving.  And once you've paid off the loans, keep the job a while, and get a savings cushion so you'll never be in this situation again.  Been there.  Done that.  Still working two jobs.  It's saved us a few times.

Well, one thing's for certain. Loan sharking is now legal. Now if I could just find an E.T.F. that invests in these thieves. Never before has one industry preyed so heavily on the weak, the poor, and the underpriviledged. Just another type of drug dealer, for a different kind of addict.

These payday lenders are worse than the Mafia ever was.  Even the Mafia loan-sharking operations in big cities only charged 5% a week (260% a year).

Why is it that our leadership in this country deregulates loan-sharks and permits assorted financial criminals, including those on Wall Street, to destroy our country?  There is no oversight, no regulation, and none of these thieves ever seem to wind up in jail.

Look to your state treasurer and representatives. It is perfectly legal for states to regulate payday lenders. Ohio just did, cutting the interest rate (APR) they charge from 312% to a maximum of 28%. Payday lenders are closing across the state because they say they can't stay in business. Sorry for the job losses, but not sorry to see these scourges leave our neighborhoods and stop preying on people whom typically don't realize what they're getting themselves into.

Thank your far too republican gov't for this situation.  Their low regulation approach favors preying on the poor.  These businesses pour money into repulican coffers.  Same is true of credit card regulation.  They can lure people into debt and then change the conditions of the loan in any way they want.  And they will/do too.  

I'm sickened by what my country has become.  The mantra of success seems to be, screw the other guy and get rich.   What ever happened to being in busiess to make a profit, but also to better the world for your customers and employees.  Big picture, if that's not what  you're about, what's the point.

Here come the dems.  Hope they don't go too far the other way.

Tammy is an idiot. Ohio is jumping thru hoops trying to save 7000 jobs in Clinton County with the loss of the DHL hub but threw away 6000 jobs with payday lenders. Since when is it the state's responsibility to take care of every citizen? Isn’t that socialism? I own a payday store and if a person had a loan with another company that was past due we would not lend them money. The APR of 319% is high but actually only $15 per hundred for 14 days. If you bought chicken at KFC and they operate on a 30% profit margin and you figured it out as an ARP the rate would be over 700% so let’s run them out of the state of Ohio also. What about the banks charging $30 bounced check fee for each check you bounce, what is the APR on those charges?? And they bounce the biggest check first so that they can bounce more little checks, but they are looked upon as a pillar of the community.

I would show anyone the annual profit of one small payday loan business and the net  profit before taxes is 7.2% Now is this a scourge on the community? I pay income taxes, I pay payroll taxes, I pay license fees ($1000) per year, I pay CAT Ohio Tax, and I pay an intangible Ohio tax and more. SO when I have to let my employees go because of the Ohio House bill 545 Tammy will you assist them with a job or how about you employ them. I didn’t think so you dont have the balls to start a business but rather work for someone else.

Larry you’re misinformed also. The House and Senate in Ohio are controlled by the Republicans. Payday lenders do not prey on anyone. Cannot change the loan agreement and are regulated in Ohio by the Department of Commerce Division of Financial Institutions.

People that use payday loan stores 1) have to have a job and present a paystub 2) must have a checking account with no bounces 3) have a photo id and residence. They make over 35,000 a year but cannot manage their money. Is it your responsibility to manage their money?

I dont smoke cigars but I dont think the state should tell me if I cannot go into a cigar bar. I dont gamble but I dont think the state has the right to tell me I can’t go to a casino. Why should the state tell someone they cannot use a payday lender more than 4 times a year without credit counseling and who will pay for this?

House bill 545 is bad legislation period.

There is a reason they charge such a high rate. The customers aren't credit worthy. Risk based lending, it is pretty simple. Supply and demand, the demand comes because no one else would ever loan these people money. Its a service and they certainly shouldn't do it for free. Would you loan money out with only a slim chance of getting it back? I think not, so don't blame the company's, blaim the fiscally iresponsible consumer.