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In the wake of Ohio's new Payday Loan legislation being passed, many payday advance companies are staying committed to their customers despite the paternalistic intent of the liberal PR Firms to convince citizens that they're better off with fewer financial options.

The following is a repost from PRWeb:

Check Into Cash Committed to Serving Ohio Customers

In the face of recent legislation which has limited financial options for Ohioans, Payday Advance pioneer, Check Into Cash, has modified its loan product offerings in order to continue serving its valued customers. Check Into Cash's Payday Advance Loan product has been discontinued and replaced with a "Micro Loan" product, which follows the guidelines set forth in Ohio's Small Loan Act.

Cleveland, OH (PRWEB) November 18, 2008 -- Recently passed legislation has threatened to eliminate financial options for many Ohioans, but the payday advance pioneer, Check Into Cash, is not giving up that easily.

Check Into Cash Offers New Payday Loan Products in Ohio
With news of the passage of Issue 5 in Ohio on Nov. 4, Check Into Cash began restructuring its loan product offerings throughout the Buckeye state to comply with the new law. On Nov. 5, the company ceased to offer payday loans and began offering a new product, micro loans, which are short-term loans from $50 to $600 and permitted under Ohio's Small Loan Act.

These new micro loans are one way that Check Into Cash is striving to continue to serve its valued customers with the same level of service as it has in prior years. Even though this new Ohio legislation was designed to make it difficult to continue serving customers who desire payday advance services, Check Into Cash has pushed ahead, endeavoring to persevere with its ongoing commitment to customer service.

The following is a repost from BestSyndication.com.

Critics have been successfully perpetuating the myth that the payday advance industry exploits the elderly, the uneducated, and the downtrodden. One State senator, in proposing restrictive payday loan legislation, referred to borrowers as "these unfortunate people." Newspaper articles graphically describe the plight of the most irresponsible borrower and intentionally or not project that story onto the entire group of payday loan consumers.

By advancing this myth, critics have created a warped idea of the industry's customer base - the typical payday loan borrower - and in some cases have used this misinformation to influence the sensitivities of some state regulators who have blocked access to credit to the segment of the population most in need. Would it be in the public interest to block access to food to an entire population because some people dangerously overeat?

In truth, the typical payday advance customer represents the lion's share of America's middle class. A typical payday loan customer is a hard working, family raising adult who does not have savings or disposable income to use as a safety net when an unexpected expense occurs.

Here are the facts*:

The majority of payday advance customers earn between $25,000 and $50,000 annually;
Sixty-eight percent are under 45 years old; only 4 percent are over 65, compared to 20 percent of the population;
Ninety-four percent have a high school diploma or better, with 56 percent having some college or a degree;
Forty-two percent own their own homes;
The majority are married and 64 percent have children in the household; and,
One hundred percent have steady incomes and active checking accounts, both of which are required to receive a payday advance.

Consumer Federation of America, National Consumer Law Center Deceive Media with Fatuous Grading of State Laws

Washington,DC-The Consumer Federation of America (CFA) and the National Consumer Law Center (NCLC), two out-of-touch "consumer" groups which feel they have the authority to grade state lending laws, were given an "F" today by the Community Financial Services Association of America (CFSA) for deceiving media with a phony scorecard of state laws.

"These so-called ‘consumer' groups have neither the knowledge nor authority to judge states' regulation of lending practices," said Tommy Moore, CFSA Executive Vice President. "Grading states based on an arbitrary interest rate cap may be a simple way to generate media attention, but it's a terrible way to protect consumers and regulate lending practices."

CFA and NCLC released a "scorecard" last week giving states an "F" (fail) if they did not have a stringent annual rate cap and "P" (passing) if they did. However, states have a myriad of laws protecting consumers and to ignore these other consumer protections is deceptive and dishonest, according to Moore.

"The payday lending industry has worked with legislatures in nearly three dozen states to ensure that our service is used properly and serves consumers well," said Moore. "The fact that state regulators receive so few complaints about payday lending is proof that the system works. CFA and NCLC should be ashamed for their deceptive grandstanding."

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For Further Information: Steven Schlein or Lyndsey Medsker 202-296-0263

I am an employee of a Payday Lender in Ohio. I also went through training in order to be able to obtain signatures on the petiton to have the Payday Lending issue placed on the November ballot. I wanted to thank everyone who signed the petition. In just a few short weeks, 422,000 signatures were obtained from registered voters in Ohio.. It's so overwhelming to have so much support for our industry.

In a time where Americans are losing more & more personal freedoms, while we are fighting in other countries to give them more freedoms, it is great to see that Americans are willing to stand up and say ENOUGH IS ENOUGH!!

All Americans should have the freedom to make their own financial choices, without government intervention. Most of the stories about payday lenders are exaggerations and misinformation.

The fact is that most of our customers are middle class citizens who need a little extra money from time to time. I had a new customer come in over the weekend, his car broke down & he just needed the money to get it fixed, but his payday was another week away.

Our goal is not to trap customers in a cycle of debt. We actually try to discourage this. If we see that a customer is having trouble repaying us, we will work with them on payment arrangements, and at times will lower their limit in incrementally to help them break the cycle.

We are not the evil predators that we are portrayed as by the media and certain groups, like the Ohio Coalition of Responsible Lending.

Our fees are cheaper than bouncing a check, or making a late payment on a credit card and getting charged a high late fee and having the interest rate raised so high that the customer can never pay them off, especially if they are making minimum payments.

Again, thank you to everyone who signed the petition and remember to get out there and vote. Thank you so much for your support

Thank you,

Deanna Murphy

By STEPHEN MAJORS
Originally published 01:14 p.m., August 31, 2008
Updated 02:03 p.m., August 31, 2008

COLUMBUS, Ohio (AP) _ Payday lenders turned in 422,000 petition signatures on Sunday in an attempt to repeal part of a lending law that is one of the strictest of its kind in the nation.
Lenders will now wait to see if Ohio Secretary of State Jennifer Brunner certifies the signatures and enables the repeal of the law to be placed on the November ballot. They need a little more than 241,000 signatures from at least 44 of Ohio's 88 counties to qualify for the ballot.

Gov. Ted Strickland signed in June a law that restricts the annual percentage rate that lenders can charge to 28 percent, and limits the number of loans customers can take to four per year.

Lenders have been charging what amounts to a 391 percent annual rate, which critics said all too often traps customers in a cycle of debt. Lenders argue that people should be able to make their own financial choices, and that allowing the restrictions to go through will force businesses to close and 6,000 employees to lose their jobs.

"It's clear from this massive number of signatures there is a strong sentiment among voters that politicians need to stop killing jobs and financial choices in the state — especially when the economy is faltering and businesses are fleeing Ohio," said Bridgette Roman, a committee member of Ohioans for Financial Freedom.

Opponents of the lenders made their presence known at the filing of the signatures with a scarlet-and-gray shark mascot wearing a sign that read, "391 percent APR Loan Sharking."

"It's not about choice. It's about greed," said Sandy Theis, spokeswoman for the Vote YES on Issue 5 Campaign. "We think even though we're going to be outspent remarkably we're still going to win if they get on the ballot."

For immediate release:
Sunday, August 31, 2008

Ohioans For Financial Freedom Files More Than 400,000 Signatures
To Give Ohioans Financial Choices and Jobs

Columbus― Ohioans For Financial Freedom made its voice loud and clear today filing more than 400,000 signatures with the Ohio Secretary of State from Ohioans who want to keep their financial choices and 6,000 good paying jobs. Ohio consumers and volunteers helped unload the boxes and boxes of signatures helping put a Vote No on Issue 5 measure on the November 4 ballot.

“This effort was a great opportunity to hear from Ohioans, and it’s clear from this massive number of signatures there is a strong sentiment among voters that politicians need to stop killing jobs and financial choices in the state – especially when the economy is faltering and businesses are fleeing Ohio, “ said Committee Member Bridgette Roman.“

In signing the petition, Ohioans took part in their democratic right to repeal a bad law (H.B. 545).

“Ohioans have been enthusiastic about this effort because they are tired of government inserting itself where it is not needed,” said Roman. “Ohioans deserve to have financial choices.”

The number of signatures filed is well over the 241,365 signatures from 44 Ohio counties required by law. The signatures provided to the Secretary of State (SOS), are now sent to the local county boards of elections for verification, then back to the SOS for official certification.

Today’s filing of the 400,000 plus signatures comes on the heels of strong endorsements from the Ohio Chamber of Commerce and the Ohio Grocers Association.

COLUMBUS, OH – The Ohio Grocers Association today gave its endorsement for the efforts of Ohioans For Financial Freedom to repeal section (3) of H.B. 545 saying the legislation goes too far and will hurt Ohio grocers and consumers.

“The national credit and foreclosure crisis has had a detrimental impact on our already struggling economy. While we applaud the Ohio Legislature’s intention to curb that impact, by passing H.B. 545, we do not feel that eliminating funding sources for consumers is the way to solve the problem,” said Tom Jackson, President/CEO of Ohio Grocers Association. Jackson stated that his association members’ customers who have responsibly utilized the services of the payday lending industry may have that financial option eliminated in a future financial pinch. “If payday lending businesses cease to exist in Ohio, which is likely if H.B. 545 is enacted, OGA’s members could be hurt through an increased number of bounced checks, fraudulent checks and even theft. We have many grocers who operate in underserved areas of the state, areas that could experience an even greater impact by the loss of additional lending choices, choices that should be made by each consumer, not by the government, said Jackson.”

The Ohio Grocers Association believes that the regulated, reliable short-term funding source for many Ohioans should remain intact as to prevent additional hardships on Ohio’s small businesses that they clearly don’t need –especially with the current economic challenges. The potential loss of 6,000 payday lending jobs and their loans could ultimately result in lost business for everyone in the community.

For immediate release:
Tuesday, August 26, 2008

“SHOW OHIOANS THE MONEY!”

Columbus― The Committee of Ohioans For Financial Freedom today called on the Coalition on Homelessness and Housing (COHHIO) to Show Ohioans the Money behind the new deceptive websites aimed at killing jobs and financial choices in the state, or immediately shut them down.

The COHHIO websites (www.end391.org and www.yesonissue5.com) both solicit donations purportedly to support passage of Issue 5 yet contributions are directly deposited into their taxpayer supported Coalition on Homelessness and Housing via a PayPal account.

“The websites expressly urge a “Yes” vote on Issue 5 yet fail to carry a disclaimer disclosing who paid for the websites as is required by law for any ballot committee attempting to influence an issue election,” said Kim Norris spokesperson for Ohioans For Financial Freedom. “COHHIO should immediately disclose who is funding this campaign to kill 6,000 jobs in Ohio.”

The COHHIO is a 501(c) 3 tax exempt corporation. It receives hundreds of thousands of taxpayer dollars every year.

“Why is this organization, which is supposed to help the homeless, hiding who is really paying for this campaign? Are they using taxpayer money? Or, are they being funded by powerful special interests such as the credit unions who are trying to put their competitors out of business?” asked Norris.

According to Network Solutions the domain name for COHHIO’s website (www.end391.org) is actually owned by Connie Busch of eSpace communications, a Dublin, Ohio based consulting firm whose clients are Telhio Credit Union, e-Choice Solutions which is an online brokerage for credit unions in Ohio, and CU Ballot , an electronic voting system for credit unions. (see eSpace’s website here: http://www.espacecommunications.com/portfolio.html.

“COHHIO should come clean on who is paying for his campaign in Ohio.”

For Immediate Release
August 25, 2008

Ohio Chamber of Commerce Backs Ohioans For Financial Freedom To Keep Jobs and Consumer Choice

COLUMBUS, OH – The Board of Directors of the Ohio Chamber of Commerce has given its support to Ohioans For Financial Freedom saying imposing overbroad government regulations is not the way to revitalize Ohio’s economy.

“The Ohio Chamber champions free enterprise and economic competitiveness and we believe HB 545, as passed by the Ohio General Assembly, runs counter to our mission”, said Andrew E. Doehrel, president and CEO of the Ohio Chamber of Commerce. “This new law, if not reined in by Ohio voters, will drive an entire industry and 6,000 good-paying jobs out of our state.”

If HB 545 goes into effect it means the loss of nearly $300 million to Ohio’s economy including $172.6 million in annual employee payroll, benefits and payroll taxes, $76.8 million lost in rent revenue to landlords across the state, and $23 million lost in advertising vendors. In response to this legislation, most of the major payday lending companies have announced they will close stores in Ohio putting as many as 6,000 jobs with benefits in jeopardy.

“As we strive to turn around our economy we must allow the free market to meet consumer demands and facilitate the creation of much needed jobs”, said Doehrel.

With 1,600 stores in the state, consumer demand for short-term credit is clear. Payday advance fills a need not met by traditional financial institutions and is a convenient, less costly option for short-term, unsecured credit. Removing access to reasonably-regulated storefront payday lending will force consumers into more expensive, and possibly even less-desirable, alternatives.

Ohioans For Financial Freedom is working to repeal section (3) of HB 545 offering consumers more lending options.

For immediate release:
Friday, August 22, 2008

Committee Says Bill Faith Should Stop Perpetuation of Lies
Disclose Spending

Columbus― The Committee of Ohioans For Financial Freedom today responded to Bill Faith’s ongoing efforts to confuse Ohio voters.

“We have fully investigated these bogus allegations and yet Mr. Faith continues to perpetuate lies – especially about Butler County where we have documented evidence from the Secretary of State and Butler County Board of Elections, that our circulators were NOT there,” said Kim Norris spokesperson for Ohioans For Financial Freedom. “Rather than perpetuate lies, the public would be better served by knowing who is paying for Bill Faith’s campaign – he should report where the money is coming from.”

The Committee investigated this allegation of two homeless individuals allegedly being paid $1.00 for their signatures and found it to be completely false, and asked Bill Faith to immediately retract this false allegation, and any references to it on his website or any other website maintained by his organizations.

The Committee did not obtain the Attorney General's certification of its summary of the law to be referred until late in the day on July 10, 2008. Circulation of the Committee's referendum petition did not begin until July 12, 2008. It is impossible for either Mr. Schirmer or Ms. Smithers to have signed the Committee's referendum petition in June, let alone to have been paid for doing so.