Payday lenders lose in Ohio and Arizona

The people have spoken. I’m not surprised that something as polarized as payday lending could make it through the popular vote. Let’s face it, payday lending has a image problem. This group is constantly being attacked by consumer groups.

The majority of people drew a line a payday lending. In Ohio, many lenders are closing down. Cash Land is closing 1/3 of their stores (appr. 40 stores). Cash America is closing down 43 locations.

Cash America said Wednesday the remaining Ohio locations will begin offering services beyond payday loans such as short-term unsecured loans governed by a different statute. Some locations also will purchase gold and operate as pawn shops.

Arizona also suffered a blow when their initiative was voted down. Arizona’s payday lenders are not shutting their doors just yet. They still have unitl July 1, 2010 to pursuade legislators to do something.

Is this trend?

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