Community Financial solutions Association of America (CFSA) payday advances together with Borrower Enjoy: Executive Overview

8 Attitudes and panorama on Government Regulation The consensus among borrowers is the fact that federal government should permit them to make their choices that are own it comes down for their funds.

significantly more than nine in ten borrowers concur that: o it ought to be their choice whether or perhaps not to make use of payday financing, perhaps not the government s choice (95%); and o they ought to have the ability to make their very own economic decisions without federal government disturbance (94%). Somewhat fewer (88%) feel that they must be in a position to determine how usually they remove an online payday loan and never be restricted to federal government limitations. One in five (21%) borrowers agree totally that the national federal government should impose tighter restrictions on pay day loans, even though which means it might be more challenging to allow them to get an online payday loan (77% disagree). A majority of borrowers are in opposition to many potential federal government laws that will affect cash advance customers, nevertheless some regulations do receive debtor help. Two- thirds of borrowers oppose possible federal government laws that will: o Require credit- bureau checks of pay day loan clients before they’ve been allowed to borrow funds (64%); and o Restrict the amount of loans customers may take call at a(63%) year. Nonetheless: o Three in five (59%) borrowers prefer the federal government limits that are setting the dollar amount of cash clients can borrow at some point; and o Two in five (41%) benefit the us government limiting the amount of times a client can restore or expand that loan. 8

9 Appendix Instructions delivered to Member organizations for Sample Pull CFSA has commissioned Harris Interactive, a research that is leading most widely known for The Harris Poll, to conduct a study among its members pay day loan borrowers. The outcome out of this research would be utilized in press materials to show some great benefits of payday financing for CFSA clients and also to refute other research into the domain that is public has shed an adverse light on payday lending all together. Fundamentally, no less than 1,000 cash advance borrowers is going to be interviewed by telephone, arbitrarily chosen from a compiled database of borrowers from all participating organizations within CFSA. We have been asking each member that is participating to present an extensive a number of all their borrowers whom meet listed here criteria: 1. Took out a short two- week, due- on- pay day loan from a brick- and- mortar location; 2. Had an authentic loan amount not as much as or add up to $700; 3.

Made last payment associated with the loan, including all rollovers,

between July 1, 2013 and August 15, 2013, having a zero stability currently as well as for at the least 2 weeks; and 4. found in just about 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 directory of states that ought to be included below. As soon as these clients are 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 should really be labeled using the name that is variable. Factors to add for every single client (one per column) are: Гј Title ( e.g., Mr., Ms., Dr.) Гј First name Гј title that is last Zip code of shop location (five digits just) Гј Residence telephone number (if known ten digits without any dashes or areas in between) Гј Mobile 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 most recent loan ended up being paid (MM/DD/YYYY) Гј Original amount of all recent loan (whole bucks only) Гј major amount outstanding at time of final payment (entire bucks just) Гј D/b/a name of loan provider with whom borrower dealt (i.e., title debtor will recognize). Consumer list files should really be labeled as CFSA_Company name_customer List_date and delivered via , aided by the file title within the line that is subject straight to Andrea Pieters, a researcher at Harris who’s taking care of this survey. Her address is and you will contact her with any concerns via or phone after All data provided to Harris or derived by Harris out of this study will likely be held in self- self- confidence relative to a comprehensive confidentiality and Data Security Agreement dated June 10, 2013 between Harris and CFSA. 9

10 States to add: 1. Alabama 2. Alaska 3. California 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 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 battle Decline to respond to Household Income not as much as $25K ( inter inter Net) complete n=1,004 37% 63% per cent 23% 13% 4% 34% $25K to lower than $50K ( inter Net) 36% $50K or maybe more ( inter Net) 25% Decline to respond to Education twelfth grade or less ( inter inter Net) Some college/associates ( inter Net) college education or higher ( Net) Decline to respond to 5% 41percent 38% 20% 1% work Status Employed full time Employed component time Self- used maybe Not used, but seeking work maybe Not used, rather than trying to find work resigned perhaps maybe Not employed, 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 ( 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 quantity of loans removed from shop in past year 0 * 1 9% 2 10% 3 11% 4 9% 5 7percent percent 16% 13% 21+ 6% Mean 7.6 Initial amount of loan paid back past summer $200 or less ( inter Net) 23% $201- $499 ( inter Net) 49% $500 or even more ( inter inter Net) 28% Mean $ personal- rating of current situation that is financial ( inter Net) Excellent Good Fair/Poor (Net) Fair Poor 40% 8% 3 60% 43% 17% personal- score familiarity with personal finance A/B (Net) C A B D/F (Net) D F investing bills and financial obligation classification No debts in collection ( Net) You spend your bills on time and also have no debts in collection. You often skip a repayment but haven’t any debts in collection. You find it difficult to spend your bills every month but haven’t any debts in collection. You struggle to pay 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 within the past 36 months. You’re not included at all in almost any monetary choices including exactly how cash is spent in your household. Total n=1,004 56% 16% 40% 36% 7% 6% 76% 33% 23% 20% 16% 5% 1%