Oct 17 - 46/45 - McCain +01
Predatory Lending In Ohio
*This post is also featured on Buckeye State Blog and Plunderbund
Ben Keeler of The Keeler Report and I went to visit a Check'n Go near Rolling Acres Mall last Friday night. It is one of many check cashing businesses in our town and shares a strip development with a skills center and a liquor store. In one stop you can get a cash advance, blow it on video poker, and drown your sorrows. We went in to Check'n Go inquire about their services. Watch this short YouTube video for our full report.
We found the document framed and bolted to the wall on Check'n Go's website. Click on the image to see the details. The interest rates are pretty stunning. They charge 392% annual interest for a loan ranging from $50 - $500. The less you borrow, the higher your interest rate. The best "value" and the most cash we could have been advanced that day was $800 at an annual rate of 367%. Think about these number the next time you drive past one of these establishments. They prey on communities like the Rolling Acres area that are already economically hurting with interest rates that are just criminal.
Related: Ben and I will be guest lecturing tonight for a graduate level Scandal, Slander & Spin political science class at the University of Akron. We have been invited to discuss how blogs and internet communication impact political campaigns.
Ben Keeler of The Keeler Report and I went to visit a Check'n Go near Rolling Acres Mall last Friday night. It is one of many check cashing businesses in our town and shares a strip development with a skills center and a liquor store. In one stop you can get a cash advance, blow it on video poker, and drown your sorrows. We went in to Check'n Go inquire about their services. Watch this short YouTube video for our full report.We found the document framed and bolted to the wall on Check'n Go's website. Click on the image to see the details. The interest rates are pretty stunning. They charge 392% annual interest for a loan ranging from $50 - $500. The less you borrow, the higher your interest rate. The best "value" and the most cash we could have been advanced that day was $800 at an annual rate of 367%. Think about these number the next time you drive past one of these establishments. They prey on communities like the Rolling Acres area that are already economically hurting with interest rates that are just criminal.
Related: Ben and I will be guest lecturing tonight for a graduate level Scandal, Slander & Spin political science class at the University of Akron. We have been invited to discuss how blogs and internet communication impact political campaigns.
By Kyle - 8/06/2007
23 Comments:
People might think we were in Acres when it was closed. We were legitametly there when it was opened - there was just no one there.
The other thing we weren't able to show is how vacant and run down the Acres / Roming Road area is. Many of the large building which used to have Toys-R-Us, Marc's / Children's Palace, and Target are completely empty and run down. Much of the pavement has been so neglected that you need an SUV to get to the stores that are open.
Also, there are two skill centers on Roming Road. More to come I'm sure.
Nice post guys. I was always wondering how much money you had to pay back to those places like Check N Go because people at my job are always saying they borrow money from them then don't pay it back, and say they never get in trouble (with the law, credit history is another story)
Is there any legislation pending that would try and reel these guys in? Are they unregulated?
Mencken, the Financial Institutions Division of the Ohio Department of Commerce oversees these kinds of businesses. I don't know what kind of restrictions the state places on them, but based on the number that have opened up over the past couple of years I would say there isn't much regulation.
These places aren't the only ones who are predatory. My big sis and her husband are trying to tie up any lose financial ends before my niece goes off to KSU as a freshman. Some of the loans they have been checking out sound about the same as a Check'n Go. My bro-in-law was joking about getting a better interest rate from Fat Tony the loan shark.
It appears that as long as they show you the interest rate and you agree to it, the law has been satisfied.
Bob Ney co-sponsored some legislation at one point to deal with this but he's on an extended vacation for the time being.
In the future I imagine there will be corner stores that will allow you to sell kidneys, lungs, and chunks of your liver for cash.
They can call them OrganGrinders.
Good post & great teamwork Ben & Kyle
This is predatory lending aka... and as I once knew it = Loan Sharking.....no less
As a matter of fact, The loan sharks were way more standup on this and it was easy to understand:
10% per week
I think those who pitch for "deregulation" should take notice of this issue...and just maybe urge for some regulation.
Well Done - post
Usury
All the "moralists" out there who believe that this predatory lending is fine & Dandy should consult their dictionery and also their King James
I have a feeling it is the same persons who pitch for deregulation and the "right" of a person to "contract" for whatever he/she wishes---of course with NO govt interference
Another thought the frosts my pumpkins:
NON Governor Taft
Doesnt it seem as though these goofball theft devices like skill games, 3-4x Nat gas prices...really took of during his reign?
USURY - look it up
"When money is lent on a contract to receive not only the principal sum again, but also an increase by way of compensation for the use, the increase is called interest by those who think it lawful, and usury by those who do not." (Blackstone's Commentaries on the Laws of England, p. 1336).
In the United States, usury laws are state laws that specify the maximum legal interest rate at which loans can be made. Congress has opted not to regulate interest rates on purely private transactions, although it arguably has the power to do so under the interstate commerce clause of Article I of the Constitution.
Congress has opted to put a federal criminal limit on interest rates by the RICO definitions of "unlawful debt" which make it a federal felony to lend money at an interest rate more than two times the local state usury rate and then try to collect that "unlawful debt".[9]
It is a federal offense to use violence or threats to collect usurious interest (or any other sort). Such activity is referred to as loan sharking, although that term is also applied to non-coercive usurious lending, or even to the practice of making consumer loans without a license in jurisdictions that require licenses.
Usury rates in the United States
Each U.S. state has its own statute which sets out how much interest can be charged before it becomes usurious or unlawful.
If a lender charges above the lawful interest rate, a court will not allow the lender to sue to recover the debt because the interest rate was illegal anyway. In some states (such as New York) such loans are voided, meaning made void from the beginning or ab initio. Ref NY Gen Oblig 5-501 et seq. and NY 1503.
However, there are separate rules applied to most banks. In 1980, due to inflation, national banks (banks that generally include N.A. in their name), federally chartered savings banks, installment plan sellers and chartered loan companies were exempted from state usury limits by the federal government through a special law. This effectively overrode all state and local usury laws.
Reference: Interest rate usury limits for U.S. states: Usury rate limits.
My brother did business with a Checksmart executive. He said they are in the black (I.e. repaid ALL their start-up costs) within one month of opening their doors.
Crazy. Predatory indeed.
I think this series is a great addition to the site.
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