Tag: Ohio payday loans


Payday Loan Job Losses in Ohio

Check ’n Go payday lending chain said Tuesday that it will close about half of its Ohio stores over the next several months.

CNG Financial said it will close 36 of its 71 stores in the state, eliminating up to 75 jobs. The company didn’t specify which sites would be shut down, but a spokesman said closures would be based on lending volume.

The Cincinnati-based company has seven Central Ohio payday lending shops.

Sixty four percent of Ohio voters cast their ballots in favor of Issue 5, which supported a law capping interest rates for payday lenders at 28 percent a year. The payday lending industry fought a $13,000,000 battle to repeal portions of the law, House Bill 545, saying the interest rate cap and other limitations would drive many of them out of the state. Payday lenders tried in vain for a rate that allowed them to charge a 391 percent APR.

Texas-based Cash America (NYSE:CSH) announced that it would shut down 43 of its 140 shops in Ohio.

Remaining Check N Go stores will offer loans permitted under the Ohio Small Loan statute, as well as check-cashing services. CNG operates more than 1,300 Check ’n Go locations in 31 states.


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.


Average Folks Question Banning Payday Loans

Sometimes we forget just what a payday loan means to a family that experiences a temporary financial setback and has no where to turn for help.

I am a single father of three children. I have had a career in the aviation field since serving 7 years in the U.S. Navy. I make mid 40’s for yearly income. Then I pay my monthly bills and there is no more room for anything else. There have been several times that these payday advance businesses have saved me from a grim financial time. In this position, I haven’t got family, friends to rely on and have to resort to “survival of the fittest.” When a check is returned at my bank, it is the equivelant charge of getting a payday loan of $250 (the fee would be $37 vs. a $35 fee from my bank.) Granted, of course there is a loan involved but the money was used for food, gas etc.

Why is it in the interest of our local state gov. to forbid this? I have spoken to people that are well off with money and everyone of them have agreed that these loans should be terminated, the business should be put under as if they are loan sharks. I have never been late on payment so I wouldn’t know…

Go BuckeyeStateBlog.com here to read the entire article as written by average folks using payday loans to solve temporary problems.