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Tuesday's vote in Ohio reaffirming a 28 percent interest rate cap on payday loans has prompted some operators to leave the state, while others are mulling their options.
Payday lenders say the rate limit enacted by the Legislature, signed into law by the governor and approved by voters as Issue 5 is too low for many of them to continue operating in Ohio. The new rate caps the interest for a two-week loan for $100 at about $1.08.
Their customary charge of $15 amounted to an annualized rate of about 391 percent.
Kenwood-based Check 'n Go said it isn't sure what lies ahead.
"We will continue to explore opportunities permitted under Ohio law to support our customers with financial products and to provide jobs for our associates," spokesman Jeff Kursman said. The company has 71 stores across the state, including 12 in Greater Cincinnati. "Operating under the restrictions set forth in House Bill 545 is not an option."
While the political fallout has minimal impact for Check 'n Go workers at its call center and headquarters supporting operations in more than 30 states, Check 'n Go has about 150 clerks in Ohio stores whose jobs could be vulnerable.
The Ohio Department of Commerce said many payday lenders are seeking to lend money to customers under different licenses. So far this year, it has received 702 applications to become finance companies to lend under the state's Small Loan Act; 568 applications to continue lending under Ohio's Mortgage Loan Act; and 115 to lend as pawnbrokers.
Meanwhile, the parent company of Cashland announced this week it would shutter 43 storefronts, or a third of its Ohio stores.
Fort Worth, Texas-based Cash America International, which runs the chain, said Wednesday that the closures would take place over the coming months, but didn't specify which ones will be shut down.
"Sadly, this outcome will force us to close about 43 of our Cashland lending locations, leaving about 150 of our hard-working co-workers without jobs," chief executive Daniel Feehan said in a statement.
The company didn't specify whether any of its 12 Southwest Ohio stores would be closing.
The company said it will try lending products still legal under Ohio law and continue gold-buying and/or pawn lending services.
Consumer advocates applauded the anti-payday lending vote in Ohio as well as another in Arizona.
"These two citizens ballots are really a mandate for cracking down on payday lending throughout the nation," said Uriah King, policy associate for the Center for Responsible Lending, in a statement. "You can get no clearer message than a huge majority of voters rejecting 400 percent interest loans. A reasonable two-digit cap is sensible, fair, and it works to keep bad apples out of the consumer lending arena."
source:http://news.cincinnati.com/article/20081108/