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

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

9 Appendix research company most widely known for The Harris Poll, to conduct a study among its people pay day loan borrowers.

the outcomes using this research are going to be found in press materials to show the advantages of payday financing for CFSA clients and also to refute other research within the general public domain that has shed an adverse light on payday lending all together. Fundamentally, no less than 1,000 cash advance borrowers will undoubtedly be interviewed by telephone, arbitrarily selected from the compiled database of borrowers from all participating businesses within CFSA. Our company is asking each participating user business to give you an extensive a number of their borrowers whom meet listed here criteria: 1. Took out a preliminary two- week, due- on- cash advance from cash central las vegas the stone- and- mortar location; 2. Had a genuine loan quantity significantly less than or corresponding to $700; 3. Made last payment for the loan, including all rollovers, between July 1, 2013 and August 15, 2013, by having a zero balance currently as well as for at the least 2 weeks; and 4. Located 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 listing of states which should be included below. As soon as these clients have already been identified, Harris calls for these listings become delivered in Microsoft Excel extendable. In the file, each row should include information unique to individual clients, and every line ought to be designated to put on a particular variable. All columns is labeled aided by the name that is variable. Factors to add for every single client (one per line) are:Title ( e.g., Mr., Ms., Dr.)First nameLast nameZip rule of shop location (five digits only)Home phone number (if understood ten digits without any dashes or areas in between)Mobile phone number (if understood ten digits without any dashes or spaces in between)Date most loan that is recent 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 time of last payment (entire bucks only)D/b/a title of loan provider with who debtor dealt (i.e., title debtor will recognize). Consumer list files ought to be labeled as CFSA_Company name_customer List_date and delivered via , aided by the file name within the topic line, right to Andrea Pieters, a researcher at Harris who’s focusing on this survey. Her target is and you may contact her with any concerns via or phone at All information supplied to Harris or derived by Harris out of this survey are going to be held in self- self- confidence according to a comprehensive privacy and 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 New Mexico 21. North Dakota 22. Ohio 23. Oklahoma 24. Rhode Island 25. South Carolina 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 several other battle Decline to respond to Household Income significantly less than $25K ( inter inter inter Net) complete n=1,004 37% 63% percent 23% 13% 4% 34% $25K to significantly less than $50K ( inter inter Net) 36% $50K or higher ( inter Net) 25% Decline to resolve Education senior high school or less ( inter inter Net) Some college/associates ( inter Net) degree or even more ( inter inter Net) Decline to resolve 5% 41percent 38% 20% 1% work Status Employed time that is full component time personal- used maybe maybe Not used, but to locate work maybe maybe maybe Not used, rather than interested in work Retired perhaps maybe perhaps Not used, because of disability or disease pupil Stay- at- home spouse or partner Decline to resolve 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 complete n=1,004 wide range of loans applied for from store 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 repaid past summer $200 or less ( inter inter Net) 23% $201- $499 ( inter inter Net) 49% $500 or maybe more ( inter inter Net) 28% Mean $ personal- rating of present situation that is financial ( 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 Paying bills and debt category No debts in collection ( Net) You spend all your bills on time while having no debts in collection. You often miss a payment but do not have debts in collection. You battle to spend your bills every but have no debts in collection month. You battle to spend your bills every thirty days and so are getting phone calls from collectors. You might be really considering filing for bankruptcy or have actually filed for bankruptcy within the previous 3 years. You’re not included at all in every decisions that are financial just just just how cash is invested in your home.

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