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

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

9 Appendix research company most commonly known when it comes to Harris Poll, to conduct a study among its users loan that is payday.

the outcomes using this research are going to be utilized in press materials to show the many benefits of payday financing for CFSA clients also to refute other research into the general public domain that has shed an adverse light on payday lending in general. Fundamentally, at the least 1,000 pay day loan borrowers should be interviewed by phone, arbitrarily chosen from the compiled database of borrowers from all participating businesses within CFSA. Our company is asking each participating user business to give you a thorough listing of all their borrowers whom meet the next criteria: 1. Took out a preliminary two- week, due- on- cash advance from a stone- and- mortar location; 2. Had a genuine loan amount lower than or add up to $700; 3. Made last payment for the loan, including all rollovers, between July 1, 2013 and August 15, 2013, by having a zero stability currently as well as for at the least week or two; and 4. found in almost any state by 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 ought to be included below. As soon as 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 every line must be designated to keep a particular variable. All columns should always be labeled aided by the name that is variable. Factors to add for every single consumer (one per column) are:Title ( ag e.g., Mr., Ms., Dr.)First nameLast nameZip rule of store location (five digits only)Home phone number (if understood ten digits without any dashes or areas in between)Mobile phone number (if known ten digits without any dashes or spaces in between)Date many current loan ended up being initiated (MM/DD/YYYY)Date newest loan had been paid down (MM/DD/YYYY)Original number of latest loan (entire bucks only)Principal quantity outstanding at period of final payment (entire bucks only)D/b/a title of loan provider with whom debtor dealt (i.e., title debtor will recognize). Consumer list files must be labeled as CFSA_Company name_customer List_date and delivered via , aided by the file title when you look at the line that is subject straight to Andrea Pieters, a researcher at Harris that is focusing on this survey. 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 may be held in self- confidence relative to a comprehensive privacy and 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. 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 battle Native American or Alaskan Native Asian or Pacific Islander various other competition Decline to respond to Household Income significantly less than $25K ( inter inter Net) complete n=1,004 37% 63% per cent 23% 13% 4% 34% $25K to significantly less than $50K ( Net) 36% $50K or higher ( inter inter Net) 25% Decline to answer Education twelfth grade or less ( Net) Some college/associates ( Net) college education or higher ( Net) Decline to answer 5% 41percent 38% 20% 1% work Status Employed complete time Employed component time personal- used perhaps perhaps Not used, but to locate work maybe maybe Not used, rather than hunting for work resigned perhaps perhaps 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 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 quantity of loan paid back past summer $200 or less ( inter inter Net) 23% $201- $499 ( inter Net) 49% $500 or maybe more ( inter 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% personal- rating understanding of individual finance A/B (Net) C A B D/F (Net) D F Paying 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 battle to spend your bills every but have no debts in collection month. You find it difficult to pay your bills every thirty days consequently they are getting phone calls from collectors. You’re seriously considering filing for bankruptcy or have actually filed for bankruptcy in past times 3 years. You’re not included at all in virtually any monetary choices including exactly how cash is invested in your home.

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