9 Appendix research firm most commonly known when it comes to Harris Poll, to conduct a study among its users cash advance borrowers.
the outcome out of this research would be utilized in press materials to show some great 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 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 offer an extensive variety of their borrowers whom meet the next criteria: 1. Took out a short two- week, due- on- pay day loan from the brick- and- mortar location; 2. Had an authentic loan quantity lower than or corresponding to $700; 3. Made last payment regarding the loan, including all rollovers, between July 1, 2013 and August 15, 2013, having a zero stability currently as well as for at the very least fourteen days; and 4. found in every 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 needs to be included below. Once these clients have now been identified, Harris calls for these listings to be 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 be labeled using the adjustable title. Factors to consist of 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 with no dashes or areas in between)Mobile cell phone number (if understood ten digits without any dashes or spaces in between)Date many current loan ended up being initiated (MM/DD/YYYY)Date latest loan had been paid down (MM/DD/YYYY)Original number 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 (i.e., title debtor will recognize). Client list files must be labeled as CFSA_Company name_customer List_date and delivered via , with all the file title within 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 concerns via or phone after All information supplied to Harris or derived by Harris out of this study is likely to be held in self- self- confidence according to a comprehensive confidentiality and 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. 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 American Hispanic Mixed battle 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 ( Net) 36% $50K or higher ( inter Net) 25% Decline to resolve Education highschool or less ( inter Net) Some college/associates ( inter inter Net) college education or maybe more ( inter Net) Decline to resolve 5% 41percent 38% 20% 1% work Status Employed time that is full component time personal- used maybe Not used, but in search of work perhaps maybe maybe Not used, and never shopping for work resigned maybe maybe 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 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 Total 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 ( inter inter inter Net) 23% $201- $499 ( Net) 49% $500 or even more ( 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- 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 inter Net) You spend your bills on time while having no debts in collection. You often skip a repayment but do not have debts in collection. You battle to pay your bills every month but haven’t any debts in collection. 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 at all in virtually any economic choices including exactly just how cash is invested in your home.