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Community Financial solutions Association of America (CFSA) payday advances and also the Borrower Enjoy: Executive Overview

Community Financial solutions Association of America (CFSA) payday advances and also the Borrower Enjoy: Executive Overview

9 Appendix research company most commonly known for The Harris Poll, to conduct a study among its users loan that is payday.

the outcome using this research will soon be found in press materials to show the many benefits of payday financing for CFSA clients also to refute other research within the domain that is public has shed an adverse light on payday lending in general. Eventually, no less than 1,000 pay day loan borrowers is going to be interviewed by telephone, arbitrarily chosen from a database that is compiled of from all participating companies within CFSA. Our company is asking each participating user business to produce an extensive set of their borrowers who meet the next criteria: 1. Took out a preliminary two- week, due- on- cash advance from a stone- and- mortar location; 2. Had a genuine loan quantity not as much cash payday advance loan Indiana as or add up 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 at the least fourteen days; and 4. Located 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 variety of states that ought to be included below. As soon as these clients have already been 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 must certanly be labeled using the name that is variable. Variables to add for every consumer (one per line) are:Title ( ag e.g., Mr., Ms., Dr.)First nameLast nameZip code of shop location (five digits only)Home phone number (if understood ten digits without any dashes or areas in between)Mobile phone number (if known 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 number of latest loan (entire bucks only)Principal amount outstanding at period of final repayment (entire bucks 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 , because of the file title within the line that is subject right to Andrea Pieters, a researcher at Harris that is taking care of this study. Her target is and you may contact her with any queries via or phone after All data supplied to Harris or derived by Harris out of this study will likely be held in self- confidence prior to a comprehensive privacy 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 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 battle 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% percent 23% 13% 4% 34% $25K to significantly less than $50K ( inter Net) 36% $50K or higher ( Net) 25% Decline to resolve Education senior high school or less ( inter Net) Some college/associates ( inter inter Net) college education or even more ( inter inter inter Net) Decline to resolve 5% 41percent 38% 20% 1% work Status Employed complete time Employed component time personal- used maybe maybe perhaps Not used, but to locate work maybe Not used, rather than in search of work Retired maybe perhaps Not used, 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 ( 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 7% 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 inter Net) 49% $500 or even more ( 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 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 Net) You spend your bills on time and now have no debts in collection. You sometimes skip a repayment but haven’t any debts in collection. You battle to spend your bills every but have no debts in collection month. You battle to spend your bills every and are getting calls from debt collectors month. You might be really considering filing for bankruptcy or have actually filed for bankruptcy in past times 3 years. You’re not included after all in virtually any economic choices including exactly how cash is spent in your household.

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