Community Financial solutions Association of America (CFSA) pay day loans in addition to Borrower Enjoy: Executive Summary

Community Financial solutions Association of America (CFSA) pay day loans in addition to Borrower Enjoy: Executive Summary

8 Attitudes and panorama on Government Regulation The opinion among borrowers is the fact that federal government should enable them to make their very own alternatives whenever it comes down for their funds.

a lot more than nine in ten borrowers concur that: o it ought to be their option whether or perhaps not to make use of payday financing, maybe not the government s choice (95%); and o they ought to are able to make their particular economic choices without government interference (94%). Somewhat fewer (88%) feel they take out a payday loan and not be limited by government restrictions that they should be able to decide how often. One out of five (21%) borrowers concur that the federal federal government should impose tighter restrictions on payday advances, just because meaning it could be more challenging in order for them to get an online payday loan (77% disagree). A lot of borrowers are in opposition to many potential government laws that could impact pay day loan clients, nonetheless some laws do enjoy debtor help. Two- thirds of borrowers oppose possible federal government laws that will: o Require credit- bureau checks of cash advance clients before they have been permitted to borrow money (64%); and o Restrict how many loans customers usually takes call at per year (63%). But: o Three in five (59%) borrowers favor the federal government limits that are setting the buck sum of money clients can borrow in the past; and o Two in five (41%) benefit the government limiting how many times an individual can restore or expand that loan. 8

9 Appendix Instructions provided for Member businesses for Sample Pull CFSA has commissioned Harris Interactive, a respected research company most widely known for The Harris Poll, to conduct a study among its people pay day loan borrowers. The outcome using this research is going to be found in press materials to show the many benefits of payday financing for CFSA customers and to refute other research into the domain that is public has shed an adverse light on payday lending as a whole. Fundamentally, at the least 1,000 pay day loan borrowers are going to be interviewed by phone, arbitrarily chosen from a compiled database of borrowers from all participating organizations within CFSA. Our company is asking each participating user company to give a thorough a number of all their borrowers whom meet the next criteria: 1. Took out a short two- week, due- on- cash advance from the stone- and- mortar location; 2. Had an authentic loan amount lower than or corresponding to $700; 3.

Made last payment associated with loan, including all rollovers,

between July 1, 2013 and August 15, 2013, with a zero stability presently as well as for at the very least 2 weeks; and 4. found in every state for which two- week, due- on- pay day loan is lawfully available under any borrower- state regulatory scheme, except Virginia and Colorado. See listing of states that ought to be included below. When these clients have already been identified, Harris calls for these lists become delivered in Microsoft Excel extendable. In the file, each line should include information unique to individual clients, and each column should always be designated to carry a particular variable. All columns must be labeled using the variable title. Factors to add for every consumer (one per column) are: Гј Title ( e.g., Mr., Ms., Dr.) Гј First name Гј title that is final Zip rule of shop location (five digits just) Гј Residence telephone number (if understood ten digits without any dashes or areas in between) Гј Mobile phone number (if known ten digits without any dashes or areas in between) Гј Date many current loan had been initiated (MM/DD/YYYY) Гј Date most recent loan had been paid off (MM/DD/YYYY) Гј Original amount of all recent loan (whole bucks only) Гј major amount outstanding at time of final payment (whole bucks only) Гј D/b/a name of loan provider with whom debtor dealt (i.e., name debtor will recognize). Consumer list files must certanly be labeled as CFSA_Company name_customer List_date and delivered via , utilizing the file title into the topic line, straight to Andrea Pieters, a researcher at Harris that is taking care of this study. Her target is and you may contact her with any queries via or phone at All information supplied to Harris or derived by Harris with this study is held in self- confidence according to a confidentiality that is comprehensive Data Security Agreement dated June 10, 2013 between Harris and CFSA. 9

10 States to add: 1. Alabama 2. Alaska 3. Ca 4. Delaware 5. Florida 6. Hawaii 7. Idaho 8. Illinois 9. Indiana 10. Iowa 11. Kansas 12. Kentucky 13. Louisiana 14. Michigan 15. Minnesota 16. Mississippi 17. Missouri 18. Nebraska 19. Nevada 20. Brand Brand New Mexico 21. North Dakota 22. Ohio 23. Oklahoma 24. Rhode Island 25. Sc 26. Southern Dakota 27. Tennessee 28. Texas 29. Utah 30. Washington 31. Wisconsin 32. Wyoming 10

11 Respondent Demographics Gender Male Female Age Mean Race/Ethnicity White Black/African American Hispanic Mixed battle Native American or Alaskan Native Asian or Pacific Islander various other race Decline to answer Household Income not as much as $25K ( Net) complete n=1,004 37% 63% % 23% 13% 4% 34% $25K to significantly less than $50K ( inter Net) 36% $50K or even more ( Net) 25% Decline to respond to Education twelfth grade or less ( inter Net) Some college/associates ( Net) college education or even more ( Net) Decline to resolve 5% 41percent 38% 20% 1% Employment Status Employed full time Employed part time personal- used maybe perhaps Not employed, but interested in work perhaps maybe Not used, and never interested in work Retired maybe Not used, as a result of disability or infection pupil Stay- at- home spouse or partner Decline to resolve Marital Status Never married Married/Living with partner ( inter Net) hitched or civil union Living with partner Divorced Separated Widowed Decline to answer Total n=1,004 54% 9% 3% 3% 1% 14% 13% 1% * 24% 43% 40% 3% 20% 4% 8% 11

12 Borrower Profile complete n=1,004 wide range of loans applied for from shop in previous year 0 * 1 9% 2 10% 3 11% 4 9% 5 7percent percent 16% 13% 21+ 6% Mean 7.6 Initial level of loan repaid past summer $200 or less ( inter inter Net) 23% $201- $499 ( inter inter Net) 49% $500 or higher ( inter Net) 28% Mean $ personal- rating of present situation that is financial ( inter inter Net) Excellent Good Fair/Poor (Net) Fair Poor 40% 8% 3 60% 43% 17% Self- score familiarity with individual finance A/B (Net) C A B D/F (Net) D F investing bills and financial obligation category No debts in collection ( inter inter Net) You spend all of your bills on time while having no debts in collection. You sometimes skip a repayment but don’t have any debts in collection. You find it difficult to spend your bills every but have no debts in collection month. You find it difficult to spend your bills every and are getting calls from debt collectors month. You’re really considering filing for bankruptcy or have actually filed for bankruptcy in past times 3 years. You’re not involved at all in virtually any decisions that are financial just exactly how cash is invested in your home. Total n=1,004 56% 16% 40% 36% 7% 6% 76% 33% 23% 20% 16% 5% 1%

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