Ohioans Want Their Payday Loans Cash Advances to Stay

Gaurav Bhola, MSM, Managing Editor

Payday loans cash advances are in the news again as a new Zogby telephone survey poll shows the true sentiments of Ohio’s citizens. As the popularity of payday advances has increased so has the debate surrounding these short-term personal loans. Over the last few years, fast cash loan volume has reached into the billions of dollars. More and more consumers are turning to payday advances to meet their financial emergency needs. But Ohio state lawmakers are concentrating on ways to limit access to paydays.

The Zogby poll tackled the issue and its results showed that there is immense support for payday loans and for freedom of choice for Ohioans in personal finances. Instead, Ohioans were more interested in the legislature concentrating their efforts on improving the economy, doing something about rising oil prices, and improving public education in the state.

The Zogby survey also showed wide support, a huge majority of 84%, for an individual citizen’s ability to make their own free decisions about the type of credit they could use. Also, 70% of Ohioans surveyed believed that it wasn’t the government’s business to tell adults who have bank accounts that they cannot get a payday loan cash advance if they believe that payday loans are the best option for them.

A small minority or 0.2% of the sample survey thought that lawmakers should focus on the payday loan industry. The very notion of the individual and not the state government should be responsible for their own decisions on the type of credit they choose crossed party lines, according to the survey. Among Democrats, 77% said choosing the type of credit should be an individual’s responsibility, while 87% of Republicans concurred.

Furthermore, 72% of those surveyed stated that since traditional financial institutions like banks and credit unions do not offer short-term personal loans of less than $500, payday advance loans offer unparalleled convenience for people needing fast cash between paydays.

Payday loans are popular with borrowers for the simple reason of convenience, quick access to cash without any credit checks and long-term approval process. Increasingly, online payday loans, faxless cash advances, no fax personal loans, or fast cash online are becoming a popular way to access cash. Going online is one of the fastest ways to get a payday loan; you can get approval within 24 hours. As lawmakers debate the merits of Ohio cash advances, its people have shown strong support for the personal loans.