By: Gaurav Bhola, MSM, Managing Editor
Recently, Ohio payday loans have received many headlines in the national press. New poll results by polling firm Zogby International support the views of fast cash advance lenders. Payday lenders for years have insisted that Ohioans should be free to make their own financial decisions regarding payday loans.
Zogby results showed that 84% of the state’s consumers were in favor of making their own credit decisions without government interference. Additionally, 75% did want the federal or state governments to allow adults to access payday advances if that was their choice.
Payday advances are short-term personal loans that are meant to be paid back by your next payday. The results had immense resonance within Ohio. In the last few years, fast cash personal loan volume has reached into the billions of dollars. Consumers across the landscape are turning to payday loans to meet their emergency financial needs. But state legislators are exploring avenues to limit access to cash advance loans in Ohio.
Last month, controversial legislation placing interest rate caps on cash advance payday loans cleared by the state legislature was duly ratified by Ohio’s governor. If it goes into effect consumers will be unable to obtain fast cash loans in the state. According to the Community Financial Services Association of America (CFSA), it is unfeasible for payday lenders to continue payday lending of personal loans at the specified capped interest rates. The payday loan industry has forewarned lawmakers that interest rate caps will close down fast cash loans locations throughout Ohio, cost thousands of jobs, and lead fast cash borrowers to choose more expensive credit options.
Only a small minority, 0.2% of all those polled, thought that lawmakers should focus on the personal loan industry. Majority of Ohioans support the individual’s right to choose their financing options and want freedom of choice in payday loans.
Moreover, 72% of those surveyed mentioned that traditional financial institutions like banks and credit unions didn’t offer short-term personal loans hence; they see payday advance loans as unparalleled convenience for fast cash between paydays.
Fast cash loans are a popular with loan borrowers for the main reason of convenience and quick access to cash without any credit checks. The majority of Ohio’s residents are in agreement with payday lenders. Ohio cash advance lenders would like a mass public outcry against the legislation. Unless, there is mass protest by the pro-payday advance consumers, they may be denied fast cash loans in the future.
