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

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

9 Appendix research company most widely known when it comes to Harris Poll, to conduct a study among its people cash advance borrowers.

the outcomes with this research will undoubtedly 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 a poor light on payday lending all together. Finally, no less than 1,000 cash advance borrowers are going to be interviewed by phone, arbitrarily chosen from a database that is compiled of from all participating businesses within CFSA. Our company is asking each participating user business to deliver an extensive selection of all their borrowers whom meet listed here criteria: 1. Took out a short two- week, due- on- pay day loan from a stone- and- mortar location; 2. Had an authentic loan quantity lower than or corresponding to $700; 3. Made last payment associated with loan, including all rollovers, between July 1, 2013 and August 15, 2013, by having a zero stability currently as well as for at the very least 2 weeks; and 4. found in just about any state by which two- week, due- on- cash advance is lawfully available under any borrower- state regulatory scheme, except Virginia and Colorado. See variety of states that ought to be included below. As soon as these clients were identified, Harris calls for these listings to be delivered in Microsoft Excel extendable. In the file, each line should include information unique to individual clients, and every line must certanly be designated to carry a particular variable. All columns should always be labeled because of the name that is variable. Factors to add for every customer (one per line) 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 understood ten digits without any 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 number of most recent loan (entire bucks only)Principal quantity outstanding at time of final payment (entire dollars only)D/b/a title of loan provider with who debtor dealt (in other words., title debtor will recognize). Client list files must certanly be labeled as CFSA_Company name_customer List_date and delivered via , using 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 study. Her target is and you will contact her with any concerns via or phone after All information supplied to Harris or derived by Harris using this study is going to be held in 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. Sc 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 various other battle Decline to resolve Household Income significantly less than $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 inter Net) 25% Decline to respond to Education twelfth grade or less ( inter Net) Some college/associates ( inter Net) degree or higher ( 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 looking work maybe maybe maybe Not used, rather than to locate work resigned Not employed, as a result of disability or infection pupil Stay- at- home spouse or partner Decline to respond to 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 removed from shop in previous year 0 * 1 9% 2 10% 3 11% approved cash 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 inter Net) 23% $201- $499 ( inter 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- rating familiarity with 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 your entire bills on time while having no debts in collection. You often miss a repayment but do not have debts in collection. You find it difficult to spend your bills every thirty days 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 in past times 3 years. You’re not included after all in almost any economic choices including exactly how cash is spent in your home.

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