Short-Term Lending Benefits Ohio's Economy

2014 Economic Impact Study & Perceptions Analysis for Ohio’s Short-term Consumer Loan Industry

by Dr. Shawn M. Rohlin, Kent State University, Department of Economics: Click for the executive summary or contact us for the full study.

After surveying nearly 4,000 short-term loan customers in Ohio, Dr. Rohlin found that short-term lending generates nearly $1 billion in spending in Ohio. The industry also increases wages by $400 million in wages and generates an employment impact equivalent to more than 10,000 jobs.

“In any industry, particularly one that is divisive, it’s important to weigh the benefits versus the cost of that industry,” Dr. Rohlin said. “The costs have been focused on in the past, but there hasn’t been much study on the industry and little is known about the costs and benefits of the industry.

“This reports finds supporting evidence of the positive impact this industry has on the lives of Ohio residents, a reality that does not get enough attention,” Dr. Rohlin said. “We found that overall more than half-a-billion –$512 million – was spent by local residents due to this industry. This is new money spent in Ohio and demonstrates the integral role the short-term consumer loan industry plays in the state’s economy.”

The study also breaks down the industry’s economic impact on a city-by-city basis throughout Ohio:


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