The Cincinnati Dealer - Burt Safer to replace Ohio payday loan industry

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Burt Safer to replace Ohio payday loan industry

By Burt Safer | Dealer staff writer

Wed, Apr 30, 2008

Watch for a sign like this in front of
Burt Safer's house on Shady Grove Lane

COLUMBUS - The Ohio legislature voted today to do away with Ohio's antiquated payday loan industry, replacing it with obscure webzine writer and loan shark, Burt Safer of Cincinnati.

Legislators agreed that the payday loan industry's average APR of 391% was much too high, and that Mr. Safer's APR of only 365% was much more reasonable.

For example, a debtor who takes out a $100 loan, and repays it over a 40 year period, could now save over $1000 using Safer's plan. The savings from Safer's low DPR (Daily Percentage Rate) of only 1% per day really do add up.

Leaders of the Ohio House also agreed with Mr. Safer that the average 2-week term of a payday loan in Ohio is much too short. Safer insisted that debtors could potentially underestimate the ramifications of high interest rate loans if the loans are restricted to a two-week time frame.

Under Mr. Safer's more transparent plan, loans would have a minimum term of three months, assuming no helpful pre-payment penalties are incurred. There would also be a low $5 dollar processing fee for every $50 that Mr. Safer has to pocket. But that's not all - Included in Mr. Safer's generous offer is a $20 wage garnishing surcharge.

"And with every loan, I am offering a free scratch-off lottery ticket," Safer told the Ohio Senate today. Several State Senators immediately took out loans with Mr. Safer after hearing about the huge potential for savings.

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