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.