I am a collections employee of one of the biggest payday loan companies in Ohio. I used to think like everyone else does. I thought payday loans were bad, etc. They aren't. Many of you have no idea how APR works or even what it is or in anyway remotely educated about payday loan. APR is the annual percentage rate for a loan. It's calculated for a 52-week loan (one year, annual). Since payday loans are two-week loans, using an annual measurement doesn't make any sense. You need to ignore the APR number and look at the facts. You pay 15 percent, no hidden costs of late fees, 15 percent period. It is strictly $15 on every $100 borrowed. How is that so bad? They are useful to those who need them. If someone needs $100 or so to get them by until their next payday, we are here for them. We do not pressure people and we do not lead them on to believe what they want to believe.
When they loan, they have the written paperwork in black and white right in front of them. We cannot force them to read the papers though. We are here for the people, not just us. We would not have jobs if it weren't for the customers. I love my job, I love the people I talk to on a daily basis. I had one man willing to send a petition around his entire city to make sure that we stay open.
People trust us to help them. What will they do when they have no one to turn to? Just bounce check after check? Ohio wake up, it is time for a reality check. Open you eyes and ears, do your research before you speak. If you know nothing about the industry and our services, then you have no right to speak about it.
Lindsay MacBurney
Hamilton
Payday companies aren't all bad | zanesvilletimesrecorder.com | Zanesville Times Recorder
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