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Clear Opposition to Payday Lending in Michigan

January 28, 2016
Payday Loans
Research

Public Opinion Strategies conducted a survey of 500 likely voters in Michigan. The survey was conducted December 17-20, 2015 and has a margin of error of +4.3.8% in 95 out of 100 cases. Three hundred (300) interviews were conducted with landline respondents and 200 interviews were conducted with cell phone respondents. Key findings included:

  • There is clear opposition to payday loan lending in Michigan.
  • Opposition to payday loans increases significantly when voters learn that the typical Michigan loan carries three hundred sixty-nine percent annual interest.
  • There is also overwhelming opposition to longer-term payday loans.
  • There is substantial support for the two payday loan reforms we tested.
  • Politically, expanding payday loans in the state is a non-starter.
  • There is near unanimous opposition to allowing car title loans in Michigan.
  • Like we saw with payday loans, to support allowing car title loans in the state would be a major political liability.