28% Payday Loan Rate is Too Much For Consumers and Companies

Go Ohio. Yesterday, they voted to keep payday loan rates at 28 percent for an annual rate. The result: consumers win but what about the payday loan places? CashAmerica decided to announce it’s closing 43 locations because it “can’t sustain small, short-term unsecured consumer credit at this rate”

The new law reduces the fee charged on a $100 two week loan to $1.08 (less than 10 cents a day).

Think about this. A business closes down because it can’t afford to charge 28% a year in interest.

We used to be able to live without these places, just like we got along fine without storage unit places for centuries, and we used to get by in smaller houses. I know someone can give me some great example of where a payday loan comes in handy. But, I long for the days we would go to friends and family for times of need.