Brand New Poll Shows Ohioans Overwhelmingly Support Reforms for Pay Day Loans

Brand New Poll Shows Ohioans Overwhelmingly Support Reforms for Pay Day Loans

95% of the polled favor reforms that cap rates of interest as proposed in recently introduced legislation

COLUMBUS, Ohio–( COMPANY WIRE )–A newly circulated poll shows that Ohio residents have an overwhelmingly negative view regarding the loan that is payday and strongly prefer proposed reforms. A $300 cash advance costs a debtor $680 in charges over five months, because loan providers in Ohio charge a typical percentage that is annual of 591 per cent.

Among other outcomes, the poll, carried out by WPA advice analysis and commissioned by The Pew Charitable Trusts, indicates that:

  • 62% of Ohioans polled have actually an unfavorable impression of payday loan providers.
  • 78% stated they prefer more laws for the industry in Ohio, that has the greatest borrowing prices in the country for the short- term loans. Continue Reading →