The boss of a pay day loan firm in Ohio has said pay day loans fulfil a gap in the market

Jeff Kursman, director of public relations of Check n Go in Ohio, said pay day lenders "fill a need that other lenders don't supply".

He also hit out at critics who highlight annual percentage rates or APR rather than the actual cost of taking out a pay day loan, which may only last two weeks.

As such, using a yearly measure to condemn pay day loans is a form of distortion, he told the Montgomery Advertiser.

He also drew attention to a study that found households without access to pay day loans are forced to use more expensive credit.

"Many of our customers do not qualify for financial programs from banks or credit unions, and these institutions often do not provide short-term, low-dollar loans," he told the newspaper.

"It's important to keep our services open to our customers, most of whom use our products responsibly."

In 2007, 19 million US households used pay day advances to fill immediate short-term financial needs.

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