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

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

a lot more than nine in ten borrowers agree totally that: o it must be their option whether or perhaps not to utilize payday financing, maybe not the government s choice (95%); and o they ought to have the ability to make their particular economic choices without federal government disturbance (94%). Somewhat less (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 government should impose tighter restrictions on payday advances, just because which means it might be more challenging to allow them to get a quick payday loan (77% disagree). A lot of borrowers are opposed to many potential government regulations that could influence cash advance customers, but some regulations do receive debtor support. Two- thirds of borrowers oppose prospective federal government laws that could: o Require credit- bureau checks of cash advance clients before they have been permitted to borrow funds (64%); and o Restrict the amount of loans clients may take down in per year (63%). But: o Three in five (59%) borrowers favor the federal government establishing limits on the buck amount of cash clients can borrow at some point; and o Two in five (41%) favor the federal government restricting how many times a person can restore or expand financing. 8

9 Appendix Instructions provided for Member organizations for test Pull CFSA has commissioned Harris Interactive, a number one research company most widely known when it comes to Harris Poll, to conduct a study among its people pay day loan borrowers. The outcome using this research should be utilized in press materials to demonstrate the many benefits of payday financing for CFSA customers also to refute other research in the domain that is public has shed a poor light on payday lending in general. Eventually, at the least 1,000 payday loan borrowers may be interviewed by telephone, arbitrarily selected from a compiled database of borrowers from all participating businesses within CFSA. We have been asking each participating user business to supply a comprehensive set of all of their borrowers whom meet listed here criteria: 1. Took out a short two- week, due- on- pay day loan from the stone- and- mortar location; 2. Had an authentic loan amount less than or add up to $700; 3.

Made final payment regarding the loan, including all rollovers,

between July 1, 2013 and August 15, 2013, having a zero stability presently as well as at the least fourteen days; and 4. found in virtually any state for which two- week, due- on- pay day loan is lawfully available under any borrower- state regulatory scheme, except Virginia and Colorado. See set of states that needs to be included below. When these customers have already 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 with all the name that is variable. Factors to add for every client (one per line) are: Гј Title ( e.g., Mr., Ms., Dr.) Гј First name Гј name that is final Zip code of shop location (five digits only) Гј Home telephone number (if known ten digits without any dashes or areas in between) Гј Mobile cell phone number (if understood ten digits without any dashes or spaces in between) Гј Date many present loan ended up being initiated (MM/DD/YYYY) Гј Date latest loan had been repaid (MM/DD/YYYY) Гј Original amount of all recent loan (entire bucks only) Гј major amount outstanding at period of final repayment (entire bucks just) Гј D/b/a name of loan provider with whom borrower dealt (i.e., title debtor will recognize). Client list files ought to be labeled as CFSA_Company name_customer List_date and delivered via , aided by the file title within the topic line, straight to Andrea Pieters, a researcher at Harris that is focusing on this study. Her address is and you may contact her with any concerns via or phone at All information provided to Harris or derived by Harris with this study will likely to be held in 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. New Mexico 21. North Dakota 22. Ohio 23. Oklahoma 24. Rhode Island 25. South Carolina 26. South 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 several other competition Decline to respond to Household Income not as much as $25K ( inter Net) Total n=1,004 37% 63% % 23% 13% 4% 34% $25K to significantly less than $50K ( inter Net) 36% $50K or higher ( inter inter Net) 25% Decline to resolve Education senior high school or less ( inter inter Net) Some college/associates ( inter inter Net) degree or even more ( inter inter Net) Decline to resolve 5% 41percent payday loans in Tennessee 38% 20% 1% work Status Employed complete time Employed component time personal- used maybe Not used, but interested in work perhaps maybe Not employed, and never hunting for work resigned Not employed, because of disability or infection pupil Stay- at- home spouse or partner Decline to respond to Marital Status Never married Married/Living with partner ( 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 Total n=1,004 quantity of loans applied for from shop in previous year 0 * 1 9% 2 10% 3 11% 4 9% 5 7% per cent 16% 13% 21+ 6% Mean 7.6 Initial quantity of loan paid back past summer $200 or less ( inter inter Net) 23% $201- $499 ( inter inter Net) 49% $500 or higher ( inter inter Net) 28% Mean $ personal- rating of current financial predicament Excellent/Good ( inter Net) Excellent Good Fair/Poor (Net) Fair Poor 40% 8% 3 60% 43% 17% Self- rating knowledge of individual 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 skip a repayment but don’t have any debts in collection. You battle to spend your bills every but have no debts in collection month. You battle to spend your bills every and are getting calls from debt collectors month. You may be seriously considering filing for bankruptcy or have actually filed for bankruptcy into the previous 3 years. You aren’t involved after all in just about any financial choices including exactly just how cash is invested in your home. Total n=1,004 56% 16% 40% 36% 7% 6% 76% 33% 23% 20% 16% 5% 1%