Lets do the math here on a payday loan….You borrow $100, you pay $15 for that 100 dollars and pay it back. APR 15%

Opposing Representatives that probably failed their first year of algebra, and didnt make it to trigonometry state the following.

$100 borrowed ONCE for a year
$15 paid every two weeks (26 times) for that ONE LOAN (390$ over one year)
100/390=390%APR

That WOULD be 391% APR, however, the theory of a customer only borrowing the $100 only once is ILLEGAL. The state of Ohio doesnt allow “roll-overs”. Roll-overs are defined as letting a customer borrow an amount of money for 2 weeks, and if they cannot pay it back, paying the fee to extend the loan another two weeks. This, in Ohio is ILLEGAL, see Ohio Revised Code 1315.

So the true math is defined as below:
$100 borrowed every two weeks = $2600 Borrowed
$15 paid to borrow every two weeks = $390 paid to borrow $2600.
390/2600 = 15% APR

“Politicians, they are the predatory lenders. Lending inaccurate information on their platform of lies to GAIN VOTES.–

Ted Strickland signed HB 545 because the amendment that was going to take away control of KENO machines (gambling) was omitted giving the goverment the ability to cash in on these “poor victims of predatory lending”s money…well. Lets do the math Strickland. A Drunk, at a bar, spends $100 bucks in your KENO machines, but gets nothing back…whats the APR on that bad boy? Tsk Tsk Sneaky Snake.

Get real. Regulate Oil Prices and market speculation–with the oil price increase, I’m paying more for gas, food, utilities, and any other services i need to survive has FUEL surcharges are added to it.

Predatory defined–I must have heat to survive in the winter, I must eat to survive, and with the increase in these UNREGULATED market speculators driving up the price of oil, I as a single mother of a 2 year old am paying for it…oh but thats not the REAL problem because legislators dont want to affect a real concern -its too hard.

Tara–OHIOAN–Protecting Myself from Governmental Abuse of Power.