Community Financial solutions Association of America (CFSA) payday advances plus 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 out of this research is likely to be found in press materials to show the advantages of payday financing for CFSA clients also to refute other research into the general public domain that has shed approved cash near me a poor light on payday lending all together. Finally, at the least 1,000 cash advance borrowers may be interviewed by phone, arbitrarily chosen from the database that is compiled of from all participating organizations within CFSA. Our company is asking each participating user business to present a thorough a number of their borrowers whom meet listed here criteria: 1. Took out a preliminary two- week, due- on- pay day loan from a stone- and- mortar location; 2. Had an authentic loan quantity not as much as or add up to $700; 3. Made last payment 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 week or two; and 4. found in virtually any state in which two- week, due- on- pay day loan is lawfully available under any borrower- state regulatory scheme, except Virginia and Colorado. See listing of states that needs to be included below. As soon as these clients have now been identified, Harris calls for these listings become delivered in Microsoft Excel file format. 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 ought to be labeled with all 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 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 newest loan had been 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 title of loan provider with who debtor dealt (in other words., name borrower will recognize). Consumer list files must be labeled as CFSA_Company name_customer List_date and delivered via , utilizing the file title into the line that is subject straight to Andrea Pieters, a researcher at Harris who’s taking care of this study. 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 study will likely be held in self- self- confidence according to a confidentiality that is comprehensive Data Security Agreement dated June 10, 2013 between Harris and CFSA. 9

10 States to add: 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 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 other battle Decline to answer Household Income not as much as $25K ( inter inter inter Net) complete n=1,004 37% 63% per cent 23% 13% 4% 34% $25K to significantly less than $50K ( inter inter Net) 36% $50K or even more ( inter Net) 25% Decline to resolve Education senior high school or less ( inter Net) Some college/associates ( inter inter Net) degree or maybe more ( inter inter Net) Decline to respond to 5% 41percent 38% 20% 1% work Status Employed complete time Employed component time personal- used perhaps maybe Not used, but hunting for work perhaps perhaps Not used, and never hunting for work resigned Not employed, because of disability or disease pupil Stay- at- home spouse or partner Decline to resolve 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 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 Net) 23% $201- $499 ( inter inter inter Net) 49% $500 or even more ( Net) 28% Mean $ Self- 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 understanding of personal 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 all your bills on time while having no debts in collection. You often miss a payment but don’t have any 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 decisions that are financial exactly just exactly how cash is invested in your home.