Cash Pay Advance

HAMILTON — Payday loan establishments work under the premise that, in an emergency, they can advance a person money who will pay them back on payday. However, 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. Jamie King, assistant manager for Cash Express on Main Street in Hamilton said payday lending is not a trap and can be a blessing to some people, but it depends on the individual. If a customer takes out several payday loans, it essentially becomes a high-interest form of revolving credit debt, which means more money for lenders than if a loan is repaid quickly. It’s no accident that payday lending has increased since bankruptcy laws changed a few years ago, Sullivan said. Sullivan expects that legislators may eventually address the issue of payday lending and the debt it can cause. Find Out More

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