Payday Lenders Run Ads, Attack Themselves!
In what is clearly a desperation move, the payday lending industry has begun running ads in the state of Arizona attacking none other than...the payday lending industry! The Community Financial Services Association (CFSA) is the likely purchaser of the ads that are attacking their own in Arizona where a similar (but reversed ballot question) initiative is on the ballot. The belief is that because public sentiment is against the payday lenders, that if they lie to voters and suggest that the ‘Yes' vote (in Arizona) is to "crackdown" on payday lenders that they can win. This is unbelievable and mirrors tactics used during the signature collection process here in Ohio, during which payday lending petition circulators repeatedly told voters that their signature would help to "lower interest rates."
You can watch the ridiculous ad here: http://www.200isnoreform.com/liarflyers/
From the No on 200 campaign in Arizona (the good guys):
"The payday loan industry, the backers of Proposition 200, began running another misleading ad to try to convince voters that voting yes on Prop 200 would reform payday loans. But, unlike earlier ads that tout the supposed need Arizonans have for extremely high-interest loans, the latest ad attacks payday lending. Hard."
Read the press release from the anti-payday lenders here: http://www.200isnoreform.com/2008/10/attack-ad/
In Ohio, the payday lending industry has decided that their best path to victory is by refusing to mention that Issue 5 happens to deal with payday lending. The industry hopes that images of "big brother" and "job killing" in bold face will scare voters into supporting 391% APR. Based on what's going on in Ohio and Arizona, payday lenders are willing to stop at absolutely nothing, even running ads against themselves, to win an election!
Don't let them fool you! Vote yes on Ohio Issue 5!
Voting Yes on 5 lowers interest rates on payday loans from 391% to 28% APR.
Voting Yes on 5 ensures that loans will still be available for people who need them, but the interest rate is reduced so that it is comparable to the rates charged by credit cards.
Voting Yes on 5 prevents Ohioans from slipping into a never-ending cycle of debt.
Voting Yes on 5 extends the same payday loan protections to all Ohioans that the federal government provides to military personnel and their families.
Voting Yes on 5 approves the new laws endorsed by Governor Strickland and the Republican and Democratic leaders of the Ohio Legislature. Our leaders believe the state has a fundamental obligation to protect Ohioans from excessive interest rates and defective financial products.
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