01
Nov

Ohio Payday Loan Customers Worried!

Payday loan consumers in Ohio are expressing their fears about the future of the payday loan industry. They worry they will no longer have access to small dollar, no-hassle, no credit check payday loans in the future. They urge a VOTE NO on Issue 5!

Ohio payday loan ballot measure Issue 5, if passed will reduce allowed fees from $15 per $100 to $1.50 per $100. Should this occur, it’s estimated 6000 Ohio jobs will be lost, hundreds of thousands of Ohio payday loan consumers will be forced to use payday loan Internet web sites, the state of Ohio will lose tens of thousands of dollars in payday loan licensing and auditing fees, and commercial property owners who lease stores to payday loan companies.

One customer in a store in Heartland, Ohio on Friday said payday lending was there when he needed it.

On Aug. 19, Jim Hurley suffered a heart attack. While he was recovering, his bank account was overdrawn $21.

According to Hurley, his bank would have charged fees higher than a payday lending loan to cover the shortfall if the overdraft was not resolved quickly.

“I had to find a way to clear up my account fast,” he said.

Hurley went to a payday lender and was able to get his account back on positive footing.

“Places like these help when times are bad,” he said.

The Ohio ChillicoThe Gazette has several anecdotal payday loan consumer stories.

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Comments ( 7 )
  • Picky Boot says:

    It is sure that every Ohio payday loan customers would have worried when the Issue 5 came out. Since payday loan has helped a lot these customers in the case of their emergency need. The government should take into consideration that not only the payday loan customers are gained by it, but also 6000 employees and their family

  • Payday Lending Rep says:

    For some reason, people are having a tough time putting this product into short-term perspective. Comparing payday loans to annual products is simply not feasible, however, once the annual product fees are converted to two-week terms you can see which is the more economically sound choice – payday loans! Customers do have alternatives, and certainly need them. When facing an unexpected expense between paydays and have to pay a bill today, customers look at their options and make a reasonable choice. Customers tell us that they use payday loans to avoid other fees when it comes to short-term expenses.

    Payday loans may not be the best solution in every instance, but shouldn’t we provide consumers with as many options as possible to help them make the best financial decision?

  • payday loan says:

    Payday loans are a great source of cash in an emergency. Be sure to do your home work and understand the terms of repayment. If you find yourself unable to pay off the payday loan without taking out another payday loan then you should establish a budget and stick to it. Payday loans shouldn’t be used for the long term. Here’s a couple of good places to start doing your homework.

  • Payday Loans says:

    Payday loans are definitely in jeopardy. The service is so helpful and easy. Having that kind of service available seems like it should be able to continue to work.

  • Casey says:

    Forget if you agree with pday loans or not- FOCUS on the fact that the Ohio General Assembly thinks they have the right to control what financial products are available to the citizens of Ohio. Big brother style.

    Forget if you have used a PD loan or not– FOCUS on the fact that other consenting adults do and are capable of making their own decisions, based on their individiual situations. Who are we to say no, you can’t use that credit card? Or no you can’t use that bank?

    Forget everything else — FOCUS on the fact that eliminating payday loans DOES NOT eliminate the need for short term financial options. I bet 99.9% of the OGA doesn’t have to worry about the day to day necessities the rest of are dealing with. They have insurance, pensions, well paying jobs.

    Forget about the Pday loan argument — FOCUS on the controlling and spending of our household money by the state. Considering our current economic situation… I vote for less intrusion!! PLEASE let me manage my own darn $$ since the gov’t has shown they are not responsible, accountable or budget conscious. Ohio>> 60M in debt!!

    Forget about the Pday loan side– FOCUS on what else the government is going to decide in the future (under the guise of “paternalism”) that we aren’t capable of handling as adults. Restricting how much can be spent on food? alcohol? cigarettes? housing? gambling? clothes?

    FOCUS on the fact that the OGA is intruding on our personal financial decisions… where does it stop?? Why do they think they know better what will work for us than we do? We live it every day!!!

    The Issue of 5 is waaaay bigger than PD Loans >> its about Financial Freedom of Choice, which I consider to be a BASIC FUNDAMENTAL RIGHT!

    ***NO on ISSUE 5!****

  • Payday Loans says:

    im glad somebody finally pointed out how bad it would be for the state if payday lenders were shut down, a huge un-employment rate. the state would loose tax dollars!

  • no credit check payday loans says:

    I needed money and didn’t know where to go, I went to a payday store and got the money I needed fast! They were friendly and convenient, I will use them again in the future.

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