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Community Financial Services Association of America (CFSA) pay day loans therefore the Borrower Enjoy: Executive Overview

Community Financial Services Association of America (CFSA) pay day loans therefore the Borrower Enjoy: Executive Overview

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

significantly more than nine in ten borrowers concur that: o it must be their option whether or perhaps not to make use of payday lending, maybe not the government s choice (95%); and o they ought to are able to make their particular monetary choices without federal government disturbance (94%). Somewhat fewer (88%) feel that they must be in a position to determine how frequently they take out an online payday loan and never be restricted to federal government limitations. One in five (21%) borrowers agree totally that the government should impose tighter restrictions on pay day loans, regardless of if this means it will be harder in order for them to get a quick payday loan (77% disagree). A lot of borrowers are in opposition to many potential federal government laws that could impact pay day loan clients, but 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 these are generally permitted to borrow cash (64%); and o Restrict how many loans customers may take out in per year (63%). Nevertheless: o Three in five (59%) borrowers prefer the federal government limits that are setting the buck sum of money customers can borrow at once; and o Two in five (41%) benefit the federal government limiting how many times an individual can restore or extend that loan. 8

9 Appendix Instructions delivered to Member Companies for test Pull CFSA has commissioned Harris Interactive, a leading research company most widely known when it comes to Harris Poll, to conduct a study among its people pay day loan borrowers. The outcomes from this research is found in press materials to show the advantages of payday financing for CFSA clients and also to refute other research into the domain that is public has shed a bad light on payday lending in general. Fundamentally, no less than 1,000 pay day loan borrowers will likely be interviewed by telephone, arbitrarily chosen from the database that is compiled of from all participating companies within CFSA. We are asking each participating user business to give you a thorough a number of all their borrowers whom meet the next criteria: 1. Took out a preliminary two- week, due- on- pay day loan from the stone- and- mortar location; 2. Had a genuine loan quantity lower than or add up to $700; 3.

Made last payment regarding the loan, including all rollovers,

between July 1, 2013 and August 15, 2013, with a zero stability currently as well as for at the least fourteen days; and 4. Located in just about any state by which two- week, due- on- cash advance is lawfully available under any borrower- state regulatory scheme, except Virginia and Colorado. See set of states which should be included below. When these customers have already been identified, Harris calls for these lists become delivered in Microsoft Excel extendable. Each row should contain information unique to individual customers, and each column should be designated to hold a particular variable within the file. All columns must certanly be labeled with all the adjustable name. Variables to add for every client (one per column) are: Гј Title ( e.g., Mr., Ms., Dr.) Гј First name Гј title that is final Zip code of shop location (five digits just) Гј Residence telephone number (if understood ten digits without any dashes or areas in between) Гј Cellphone phone number (if understood ten digits without any dashes or areas in between) Гј Date many current loan had been initiated (MM/DD/YYYY) Гј Date latest loan was repaid (MM/DD/YYYY) Гј Original amount of cash central all recent loan (entire bucks only) Гј major amount outstanding at period of final payment (entire dollars just) Гј D/b/a name of loan provider with whom debtor dealt (i.e., title debtor will recognize). Consumer list files must certanly be labeled as CFSA_Company name_customer List_date and delivered via , using the file title within the topic line, right to Andrea Pieters, a researcher at Harris who’s taking care of this survey. Her target is and you may contact her with any queries via or phone after All information supplied to Harris or derived by Harris out of this study will likely be held in confidence prior 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. 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 suggest Race/Ethnicity White Black/African United states Hispanic Mixed battle Native American or Alaskan Native Asian or Pacific Islander Some other competition Decline to respond to Household Income not as much as $25K ( inter Net) complete n=1,004 37% 63% percent 23% 13% 4% 34% $25K to significantly less than $50K ( inter Net) 36% $50K or maybe more ( Net) 25% Decline to answer Education senior high school or less ( inter Net) Some college/associates ( Net) college education or even more ( inter inter Net) Decline to respond to 5% 41percent 38% 20% 1% work Status Employed time that is full component time personal- employed perhaps Not employed, but hunting for work perhaps Not used, rather than interested in work resigned perhaps maybe Not used, because of disability or infection pupil Stay- at- home spouse or partner Decline to resolve Marital Status Never married Married/Living with partner ( 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 removed from shop in past year 0 * 1 9% 2 10% 3 11% 4 9% 5 7% per cent 16% 13% 21+ 6% Mean 7.6 Initial level of loan paid back past summer $200 or less ( inter inter Net) 23% $201- $499 ( inter inter Net) 49% $500 or even more ( Net) 28% Mean $ personal- rating of current situation that is financial ( inter inter Net) Excellent Good Fair/Poor (Net) Fair Poor 40% 8% 3 60% 43% 17% personal- rating knowledge of personal finance A/B (Net) C A B D/F (Net) D F investing bills and financial obligation category No debts in collection ( Net) You spend your entire bills on time while having no debts in collection. You often miss a repayment but haven’t any debts in collection. You battle to spend your bills every but have no debts in collection month. You find it difficult to spend your bills every thirty days and are usually getting phone calls from loan companies. You will be really considering filing for bankruptcy or have actually filed for bankruptcy in past times 36 months. You aren’t 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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