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

9 Appendix research company most commonly known for The Harris Poll, to conduct a study among its people cash advance borrowers.

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the outcome out of this research is supposed to be found in press materials to show the advantages of payday financing for CFSA clients and also to refute other research when you look at the general public domain that has shed a bad light on payday lending all together. Eventually, no less than 1,000 cash advance borrowers are going to be interviewed by phone, arbitrarily chosen from the compiled database of borrowers from all participating businesses within CFSA. We have been asking each member that is participating to give a thorough listing of all their borrowers whom meet listed here criteria: 1. Took out a preliminary two- week, due- on- pay day loan from the stone- and- mortar location; 2. Had an authentic loan quantity lower than or add up to $700; 3. Made last payment associated with loan, including all rollovers, between July 1, 2013 and August 15, 2013, having a zero stability currently and for at the very least fourteen days; and 4. found in virtually any state by which two- week, due- on- cash advance 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 now been identified, Harris calls for these listings become delivered in Microsoft Excel extendable. In the file, each line should include information unique to individual clients, and every column must be designated to put up a particular variable. All columns must certanly be labeled with all the adjustable title. Factors to add for every single consumer (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 cell phone number (if understood ten digits with no dashes or spaces in between)Date many loan that is recent initiated (MM/DD/YYYY)Date latest loan ended up being paid down (MM/DD/YYYY)Original level of latest loan (entire bucks only)Principal quantity outstanding at period of final payment (entire bucks only)D/b/a name of lender with whom debtor dealt (in other words., name debtor will recognize). Consumer list files should really be labeled as CFSA_Company name_customer List_date and delivered via , because of 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 target is and you may contact her with any concerns via or phone at All information supplied to Harris or derived by Harris using this study is going to be held in confidence prior 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. 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 competition Native American or Alaskan Native Asian or Pacific Islander various other competition Decline to resolve Household Income not as much as $25K ( 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 ( Net) 25% Decline to resolve Education senior school or less ( inter inter inter Net) Some college/associates ( inter inter Net) college education or higher ( inter Net) Decline to respond to 5% 41percent 38% 20% 1% work Status Employed time that is full component time personal- used maybe Not used, but searching for work perhaps maybe Not used, and never interested in work resigned perhaps maybe Not used, because of disability or illness pupil Stay- at- home spouse or partner Decline to answer Marital Status Never married Married/Living with partner ( 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 quantity of loans applied for from shop in previous year 0 * 1 9% 2 10% 3 11% 4 9% 5 7percent per cent 16% 13% 21+ 6% Mean 7.6 Initial level of loan paid back past summer $200 or less ( Net) 23% $201- $499 ( inter Net) 49% $500 or even more ( inter Net) 28% Mean $ personal- rating of current situation that is financial ( inter 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 debt category No debts in collection ( inter Net) You spend your entire bills on time and possess no debts in collection. You often skip a repayment but haven’t any debts in collection. You battle to spend your bills every month but do not have debts in collection. You find it difficult to spend your bills every and are getting calls from debt collectors month. You may be really considering filing for bankruptcy or have actually filed for bankruptcy within the previous 3 years. You aren’t included at all in almost any monetary choices including exactly how cash is invested in your household.

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