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.