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

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

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

the outcomes using this research is supposed to be utilized in press materials to show some great benefits of payday financing for CFSA clients also to refute other research when you look at the domain that is public has shed a poor light on payday lending in general. Fundamentally, no less than 1,000 pay day loan borrowers would be interviewed by telephone, arbitrarily chosen from the compiled database of borrowers from all participating organizations within CFSA. Our company is asking each participating user business to deliver a thorough listing of their borrowers who meet the next criteria: 1. Took out a preliminary two- week, due- on- cash advance from the stone- and- mortar location; 2. Had an authentic loan quantity significantly less than or add up to $700; 3. Made last repayment regarding 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 very least 2 weeks; and 4. Located in every state for which two- week, due- on- cash advance is lawfully available under any borrower- state regulatory scheme, except Virginia and Colorado. See a number of states which should be included below. When these clients have already been identified, Harris calls for these listings become delivered in Microsoft Excel extendable. Inside the file, each line should include information unique to individual clients, and every line must certanly be designated to keep a particular variable. All columns should really be labeled using the name that is variable. Factors to add for every 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 many loan that is recent initiated (MM/DD/YYYY)Date latest loan had been paid down (MM/DD/YYYY)Original number of latest loan (entire bucks only)Principal amount outstanding at time of final repayment (entire bucks only)D/b/a title of loan provider with who debtor dealt (in other terms., title debtor will recognize). Client list files must certanly be labeled as CFSA_Company name_customer List_date and delivered via , aided by the file title when you look at the topic line, straight to Andrea Pieters, a researcher at Harris that is focusing on this study. Her target is and you will contact her with any questions via or phone at All information supplied to Harris or derived by Harris with this study may 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 Brand 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 several other competition Decline to respond to Household Income not as much as $25K ( inter Net) complete n=1,004 37% 63% per cent 23% 13% 4% 34% $25K to significantly less than $50K ( inter inter inter Net) 36% $50K or maybe more ( inter inter Net) 25% Decline to respond to Education senior high school or less ( inter inter Net) Some college/associates ( Net) degree or maybe more ( inter inter inter Net) Decline to resolve 5% 41percent 38% 20% 1% work Status Employed time that is full component time Self- used maybe maybe Not used, but searching for work perhaps perhaps Not used, rather than in search of work resigned perhaps maybe Not used, 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 inter Net) Married 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 inter Net) 23% $201- $499 ( inter inter Net) 49% $500 or higher ( inter inter Net) 28% Mean $ personal- rating of present financial predicament Excellent/Good ( 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 investing bills and financial obligation category No debts in collection ( inter inter Net) You spend your entire bills on time and also have no debts in collection. You often skip a repayment but do not have debts in collection. You find it difficult to spend your bills every but have no debts in collection month. You find it difficult to spend your bills every thirty days and so are getting telephone calls from loan companies. You might be seriously considering filing for bankruptcy or have actually filed for bankruptcy in past times 36 months. You aren’t included after all in just about any decisions that are financial exactly just how cash is invested in your home.

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