Skip to main content

Search form

Broad Support for Interest Rate Cap Among Payday Loan Borrowers

March 4, 2020
Payday and Other Small Dollar Loans
Payday Loans
Research

Morning Consult conducted a survey, commissioned by Center for Responsible Lending, of approximately 10,000 registered voters. The poll is presented as a short Powerpoint-style slide deck with key takeaways, charts, and maps. This poll presentation is linked to above and here.

Key findings include:

  • An overwhelming majority (82%) of those who have taken out payday loans support an annual interest rate cap on payday loans of 36%.
    • Sixty-four (64%) of those who have taken out a payday loan “strongly support” a rate cap. Those who have taken out a payday loan are the greatest supporters of rate caps on payday loans across demographic groups.
    • Of those who oppose a rate cap of 36%, sixty-two (62%) said it was because 36% interest is too high and the rate should be much lower.
  • An overwhelming majority (80%) of those who have taken out payday loans support a rate cap on consumer installment loans of 36%.
    • Fifty-two (52%) of those who have taken out a payday loan “strongly support” a rate cap of 36%. Those who have taken out a payday loan are the greatest supporters of rate caps on consumer installment loans across demographic groups.