What will the survivors of the anti-payday loan war do?
This concludes my look at the anti-payday loan debacle in Ohio. Parts one, two and three will set the stage.
Some stores will find a different kind of consumer loan product that serves consumers and circumvents ill-conceived laws written by ill-conceived servants of no public but themselves. What I mean here is that they take the money from banks and credit unions that campaign against no fax payday loans. Since those incumbent organizations are well established and monolithic compared to the bulk of payday loan companies, they have the cash and lawyers to burn.
Thankfully for misguided people everywhere across the great state of Ohio, Mr. O’Bryan says he’ll keep an eye on the new products the survivors of their little war create for the people. He’ll be waiting to cry wolf and chop them off at the stalk. He’ll be waiting to “serve” the public of me, myself and I. Watch out, Mr. Payday Loan; watch out, consumers with less than perfect credit. People like Mr. O’Bryan are waiting for you on the threshing room floor. Think for yourselves; take matters into your own hands or more and more decisions will be taken from you. Banks will profit from your loss.
“Banks will profit from your loss” – absolutely right on. There’s an old saying in Latin, “Cui Bono?” – literally, “good for whom?” – and in this situation, the biggest beneficiaries of the banning of payday loans are credit card companies and banks, who are able to hit more people with late and overdraft fees, protection from which is something a lot of people use payday loans for.
Tell me about it. These hound dogs are waiting to feed on your goods. The amazing part is they have built a huge empire of their own, almost fully equipped to wipe out any of their competitors that gets in their way. Too bad for them, payday loans have already earns its star on the walk of brilliance. They’re going to have to triple, if not quadruple their army of malicious followers of greed to even come close to this industry’s walls.