More payday loan stores in Ohio than McDonalds, Burger King, and Wendy's combined.

[Bozita]

Heard that on ABC's World News tonight. It's part of the following story:

http://abcnews.go.com/WNT/story?id=4641165&page=1

Strapped Homeowners Turn to Bad Loans
Several States Have Capped Loan Rates That Prey on Owners in a Fix

By GIGI STONE
April 12, 2008 —

Ruby Thomas works at the county clerk's office in Cleveland and makes a good income. But like millions of Americans, when her adjustable mortgage rate spiked, she could no longer keep up with the payments.

"I was so overwhelmed and so overcome and just so worn out from trying to save my home that was supposed to be my retirement plan for my future," Thomas said.

One day driving home in Cleveland, she saw a brightly colored sign offering her what's called a "pay day loan." The woman working inside the store front told Thomas she could get her hands on $1,000 with no credit check and that all she needed was proof of income.

Thomas says she didn't read the fine print, and two months later, the loan company was threatening to take her to court if she didn't pay the loan in full. So Ruby wound up taking out another loan to pay off the first one.

Eventually she wound up juggling five loans with annual interest rates between 400 percent to 800 percent.

more...

[Liberal_in_LA]

1. BUMP!

[meandbobbymcgee]

2. Just Say No

Say no to super-sizing for those loans.

[Mojambo]

3. There's been a major advertising blitz for them here in our area

The new ad line on them is "Choices are good!"

:puke:

We hope you choose to pay us a fucking immoral interest rate.

[Cresent City Kid]

4. Remember when loan sharks worked in back alleys?

Now they're in strip malls.

[XOKCowboy]

5. Good lobbyists...

All it takes to succeed in America today.

[ellie]

6. I ran into

rough patch and had to use the payday loans places so much they sent me a birthday card.

[usaftmo]

7. Is that what shrub meant by

"compassionate conservatism"?
:eyes:

[madrchsod]

8. nafta-the gift that keeps on giving

[nosmokes]

9. I'm sure there are lots of Payday clip joints, but more than FF burger pits?

That's a number i hafta question. I know the problem is huge but I hardly think there are intersections w/ one on each corner and a block away at the next crossroads it's the same picture repeated.Maybe I'm spoiled? We did have enough sense to outlaw them here in Oregon.

[Berry Cool]

10. I guess you've never been to Ohio.

I moved away and after a few years when I'd come back to visit, I'd be amazed at how the payday lending stores had popped up like dandelions in brand-new strip malls in places where there was once just an empty field. It never used to be like this. I live here again now and I cannot even say how different things are in that sense. Payday clip joints in this part of the state are as ubiquitous as Starbucks is in other places. It's like the proverbial cartoon background where the characters run in the same place and the same tree goes by over and over.

[Cresent City Kid]

11. They're all over San Antonio too

There are loan places all over the place as well as check cashing joints that have the same scam. I cashed a check in one of them and read the sign about the loans. It clearly says 500% in small print.

[Rosemary2205]

12. Georgia FINALLY managed to tighten the laws to force them out

Even the rental centers and title pawn places are struggling to stay within the law. I think we might have 5 years tops before the predators switch tactics and get back to the business of F'ing over the least educated and most vulnerable in Georgia.

[KillCapitalism]

13. Terrible!

You know they've been setting up shop like crazy in Ohio b/c they know people there are desperate.