Community Financial solutions Association of America (CFSA) pay day loans and also the Borrower Enjoy: Executive Overview

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

a lot more than nine in ten borrowers concur that: o it must be their option whether or perhaps not to make use of payday financing, perhaps not the government s choice (95%); and o they ought to are able to make their particular economic choices without federal government disturbance (94%). Somewhat less (88%) feel that they must be in a position to determine how frequently they remove an online payday loan rather than be restricted to federal government limitations. One out of five (21%) borrowers concur that the federal federal government should impose tighter restrictions on pay day loans, just because which means 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 federal government laws that could influence pay day loan clients, nevertheless some laws do enjoy debtor help. Two- thirds of borrowers oppose possible federal federal government laws that could: o Require credit- bureau checks of pay day loan clients before they have been permitted to borrow funds (64%); and o Restrict the sheer number of loans clients may take down in a 12 months (63%). But: o Three in five (59%) borrowers prefer 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 federal government limiting how many times an individual can restore or expand that loan. 8

9 Appendix Instructions provided for Member organizations for test Pull CFSA has commissioned Harris Interactive, a number one research company most commonly known when it comes to Harris Poll, to conduct a study among its people pay day loan borrowers. The outcomes using this research is going to be utilized in press materials to show the many benefits of payday financing for CFSA clients also to refute other research within the domain that is public has shed a poor light on payday lending all together. Finally, no less than 1,000 cash advance borrowers is interviewed by phone, arbitrarily chosen from the database that is compiled of from all participating businesses within CFSA. Our company is asking each member that is participating to present a thorough directory of all their borrowers whom meet the next criteria: 1. Took out a preliminary two- week, due- on- cash advance from a brick- and- mortar location; 2. Had an authentic loan quantity not as much as or add up to $700; 3.

Made repayment that is final of loan, including all rollovers,

between July 1, 2013 and August 15, installmentloansgroup.com/payday-loans-oh/ 2013, having a zero stability currently as well as for at the very least fourteen days; and 4. found in almost any state by which two- week, due- on- cash advance is lawfully available under any borrower- state regulatory scheme, except Virginia and Colorado. See selection of states that ought to be included below. When these clients have now been identified, Harris calls for these listings 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 be labeled using the adjustable title. Factors to add for every consumer (one per line) are: Гј Title ( e.g., Mr., Ms., Dr.) Гј First name Гј title that is final Zip rule of store location (five digits just) Гј Home 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 newest loan had been paid (MM/DD/YYYY) Гј Original amount of all recent loan (entire bucks only) Гј major amount outstanding at time of final payment (entire bucks 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 , utilizing the file name into the topic line, right to Andrea Pieters, a researcher at Harris who’s taking care of this study. Her target is and you may contact her with any queries via or phone after All information supplied to Harris or derived by Harris using this study is supposed to be held in self- self- confidence relative to a confidentiality that is comprehensive Data Security Agreement dated June 10, 2013 between Harris and CFSA. 9

10 States to incorporate: 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 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 suggest Race/Ethnicity White Black/African United states Hispanic Mixed competition Native American or Alaskan Native Asian or Pacific Islander various other battle Decline to resolve Household Income not as much as $25K ( inter inter inter Net) Total n=1,004 37% 63% percent 23% 13% 4% 34% $25K to significantly less than $50K ( inter inter inter Net) 36% $50K or even more ( Net) 25% Decline to resolve Education twelfth grade or less ( inter Net) Some college/associates ( inter Net) College degree or maybe more ( inter Net) Decline to respond to 5% 41percent 38% 20% 1% work Status Employed time that is full component time personal- used maybe perhaps perhaps maybe Not employed, but interested in work perhaps perhaps Not used, and never hunting for work resigned perhaps maybe perhaps Not used, as a result of disability or disease pupil Stay- at- home spouse or partner Decline to respond to Marital Status Never married Married/Living with partner ( inter inter inter inter Net) hitched or civil union coping 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 paid back past summer $200 or less ( inter Net) 23% $201- $499 ( inter inter inter Net) 49% $500 or maybe more ( inter inter Net) 28% Mean $ personal- rating of present financial predicament Excellent/Good ( inter inter Net) Excellent Good Fair/Poor (Net) Fair Poor 40% 8% 3 60% 43% 17% personal- score understanding of 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 your bills on time and have now no debts in collection. You often skip a repayment but don’t have any debts in collection. You find it difficult to spend your bills every thirty days but don’t have any debts in collection. You find it difficult to spend your bills every and are getting calls from debt collectors month. You will be really considering filing for bankruptcy or have actually filed for bankruptcy in past times 3 years. You’re not included at all in almost any decisions that are financial 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%