Cash Pay Advance

Studies have shown the average payday borrower uses more than one payday lending company annually, making the average number of loans likely higher than the 7. COLUMBUS - More than 300,000 Ohioans are trapped in a cycle of debt to payday lenders and are paying more than $318 million in payday loan fees each year, said a report released Wednesday. The Ohio Financial Services Association, which represents payday lenders, contested the report’s data because it estimated Ohio lending using information from four publicly traded payday companies and statistics from other states. The report used public data filed by lenders Advance America, Cash America, ACE Cash Express, and QC Holdings, which have about 31 percent of the market share for payday lending in Ohio and generally adhere to a conventional business model. Dever called the report “sensational,” and said the average number of weeks an Ohio payday borrower uses loans each year showed they weren’t trapped. If customers cannot pay off the amount of a loan plus an associated fee within two weeks, they often reborrow from the same payday lender or go to a different payday company to take out a loan to pay off the first loan. Find Out More

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