An Open Letter into the Ohio House of Representatives: Respect the Working individuals of Ohio, Don’t Abolish Payday Loans!

November 01, 2009

I am composing on behalf of the nationwide Taxpayers Union’s (NTU’s) 13,600-plus users in Ohio. As a business dedicated to protecting freedom that is economic the liberties of taxpayers nationwide for more than 35 years, NTU urges one to oppose any legislation imposing restrictive yearly price caps on consumer loan services and products, especially payday advances. Such proposals would effortlessly put lending that is payday and their staff away from company in Ohio, by simply making it unprofitable to provide these loans. Do not reject customers residing paycheck to paycheck a vital option that is financial.

NTU thinks that eliminating the loan that is payday will definitely cost Ohio taxpayers vast amounts.

If pay day loans are legislated away from existence, you will see additional governmental stress to improve federal federal federal government help programs whenever Ohioans can no further assist on their own since the most frequent — and frequently only – way to help protect unplanned costs happens to be eliminated.

NTU can also be worried that lots and lots of Ohioans will be forced on the jobless rolls in the event that industry had been become eliminated — once more, squeezing taxpayers plus the Buckeye State’s spending plan. Continue reading