New Poll Shows Ohioans Overwhelmingly Support Reforms for Pay Day Loans

New Poll Shows Ohioans Overwhelmingly Support Reforms for Pay Day Loans

95% of the polled benefit 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 actually an overwhelmingly negative view associated with loan that is payday and strongly prefer proposed reforms. A $300 cash advance costs a borrower $680 in charges over five months, because loan providers in Ohio charge a typical apr of 591 %.

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