Payday Loan Borrower and Voter Surveys Methodology

March 1, 2016 | Research & Surveys

Global Strategy Group & Tarrance Group

ONE-PAGER:

FULL STUDY: Payday Loan Borrower and Voter Surveys Methodology

Abstract:

The research illustrates voters and borrowers view payday loans and their regulation very differently, likely due to their own personal experiences with, and knowledge of, payday loans. Borrowers are highly supportive of payday loans – they see the value of payday loans, say the loans have helped them when they have no other options, believe increased regulation is not needed, and support growing their availability. While voters do not share as positive a view of payday loans as borrowers, they are split on whether increased regulation of these loans is needed and a plurality say the current requirements to get a loan are sufficient. Moreover, once voters learn about proposed regulations, they express considerable concern about reducing access to credit for the nearly one-in-four Americans who do not qualify for credit from banks or credit cards, and worry that regulation could force less creditworthy Americans to use unregulated loans. In other words, as voters’ level of knowledge about payday loans’ utility comes closer to that of current borrowers, their attitudes about regulations also begins to converge.