BuckeyeBlog

It looks like those seeking to overturn Ohio’s payday lending ban have submitted more than enough signatures to ensure that the issue will make next month’s ballot. If you are interested in reading a good review of the issues surrounding payday lending, I put one together earlier this year. Dr. Tom Lehman also explored why a ban is a bad idea in his testimony before the General Assembly.

As the scholarly evidence shows, interest rates for payday lenders are quite reasonable, payday lenders do not make huge profits, and those who use these loans are well aware of the fees and terms of the loan and voluntarily choose to make them. I know this is contrary to the conventional wisdom, but facts don’t lie.

Tags: payday lending

This entry was posted on Wednesday, October 1st, 2008 at 2:30 pm and is filed under Economic Freedom. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.