Ohio, also known as “the heart of it all”, “the mother of president” and “the birthplace of aviation” is a state that is ranked 34th in the United States of America. It has a total area of about 44,825 sq mi with its highest point located at Camphell Hill.
The state is governed by Governor Ted Strickland and Lieutenant Governor Lee Fisher. It is also led by US Senator George V. Vornvich. Ohio, which got its name from the Seneca term “Ohiyo”, is widely known for its status as a swing state in the US.
Since the state serves as the main link between the Northeast and the Midwest, it enjoys a large traffic system that passes through its local borders along its formidable highways. The state is endowed with scenic features including the Ohio River and great sea ports.
OH neighbors great states such as Michigan, Pennsylvania, Ontario, Kentucky and Indiana. Besides having a formidable physical structure, the state has one of the most solid financial structures in the world. One structure that makes up the financial system includes a payday advance, also known as a cash advance.
A payday advance is the fastest way through which one can obtain secure, cash advance from a payday lending company. It is considered as a financial arrangement entered into between a borrower and a lending institution with a view to providing the borrower with an unsecured cash advance until the borrower’s next payday.
In Ohio, the service is offered by various companies including WFS Financial Corp. WFS Financial Corp is located on 5925 Karl Road Columbus, OH 43229. VAS Dimensions the company is located on 2238 South Hamilton Road Suite 103 Columbus, OH.
When it comes to legislations, Ohio is one state is set for a complete revamp in how payday advance business is conducted.
A bill proposed bill seeking to prohibit the cash advance business was discussed and passed by senate. Among other things, the bill intends to significantly bring down the Annual Percentage Rates – APR – charged by lending institutions from a whooping 391% to just 28%.
The House Bill 545 – as it is referred to – will increase the minimum loan repayment period to 31 days and prohibit loan terms which do not adhere to this period.
Borrowers will be limited to a maximum of 4 loans per annum and impose a total ban on internet based lending.
The bill is without a doubt intended to protect citizens of OH, but the over 1,600 businesses engaging in cash advance lending in the state of Ohio are up in protect, most threatening to close down shops in Ohio.
One of the big players planning to exit the Ohio market is Cash America International. The lending institution has established 139 lending stores in various areas of Ohio but is due to close down shop due to the passage of the new law.