Skip to main content

Search form

Bipartisan Support for Stopping Predatory High-Interest Loans

February 3, 2020
Installment 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:

  • Seventy percent (70%) of voters support a 36% annual interest rate cap on payday and consumer installment loans.
    • Over half (52%) of voters “strongly support” a 36% rate cap on payday loans. Similarly, forty-one percent (41%) of voters “strongly support” a 36% cap on consumer installment loans.
    • The proposal has overwhelming support across the politcal spectrum. 72% of Democrats, 70% of Republicans, and 67% of independents support the cap for payday loans. 72% of Democrats, 70% of Republicans, and 65% of independents support the cap for consumer installment loans.
    • Voters support a 36% cap on payday loans, with a 64%-73% total support across all 50 states and DC.
    • Voters support a 36% cap for consumer installment loans, with a 60%-72% total support across all 50 states and DC.
  • When voters oppose a 36% interest rate cap on payday loans, three in five (61%) do so because they believe that 36% annual interest is too high and a rate cap should be much lower.
  • The majority of voters (62%) have an unfavorable impression of payday lenders.
    • Forty-four percent (44%) of registered voters have a “very unfavorable” impression of payday lenders.
    • Payday lenders lag behind the IRS in terms of favorability.