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 these polled benefit reforms that cap rates of interest as proposed in recently introduced legislation

A newly circulated poll indicates that Ohio residents have an overwhelmingly negative view for the cash advance industry and strongly prefer proposed reforms. A $300 payday loan costs a debtor $680 in charges over five months, because loan providers in Ohio charge the average percentage that is annual of 591 per cent.

The poll, done by WPA Opinion Research and commissioned by The Pew Charitable Trusts, shows that among other results