Double post, but I'm a loser with no one to talk to to get things off my chest. My immediate family owns a Payday Loan in the state of Missouri. The banks have ran smear campaigns against our industry for years. We can only loan up to $500.00. Our loans are supposed to be short term so the rate is 17% for two-weeks. Most customers just borrow around $200.00 dollars, so to pay it off it's $234.00 after two-weeks. Anyway, the banks charge up to $36.00 on a single overdraft and up to $8.00 a day for staying in overdraft. Which makes us a waaaay cheaper alternative. Instead of competing the banks have lobbied and created phony grass-roots organizations along with convincing local religious organizations to deem us evil. Now, there's a ballot measure that, if approved, will only allow us to make a max of $180.00 per year per customer. The only way we would even be able to make that $180.00 is if a customer took out a full $500.00 loan, then paid it off and took it back out every two-weeks at $500.00 for a full year. People call us predatory without even looking into who started the whole "Payday Loans are predatory" theme; which was basically part of the banks campaign to manipulate public opinion. The same banks that can make $180.00 off of a single overdraft. Anyway, bottom line is, because we're in an industry that competes with a more influential industry, we may be put out of business by the end of the year. Everyone in my immediate family, and myself, will be jobless all at the same time.
What really grinds my gears is the wording of the ballot measure. There are nearly 10,000 Missourians employed by the Payday Loan industry who pay over $3,000,000.00 in payroll and un-employement taxes. Yet the Missouri Supreme Court approved the wording on the ballot that says that passing this bill will have little to no significant impact. Really? 10,000 people jobless, no longer paying taxes, and asking for state assistance is insignificant? This is why, after this election, I'm done with American Politricks.