The newest poll from the bipartisan polling team Lake Research Partners and Chesapeake Beach Consultingi provides fresh evidence that the overwhelming majority of Americans across the political spectrum support regulating the financial industry and protecting consumers, including requiring smartphone app-based payday lenders, which call their product “Earned Wage Access” (EWA) products, to comply with a 36% Annual Percentage Rate (APR) cap, safeguard data privacy, and comply with other consumer protections. The new findings are consistent with over 10 years of opinion research demonstrating widespread, intense public support for holding financial products to cost limits and other consumer protections.
Voters are near-unanimous in their belief that holding app-based payday loan companies to 36% APR interest rate caps, data privacy regulations, and other consumer protections is important.
- Voters want fintech products, including app-based payday loans to follow consumer protections and be held accountable to the same rules as banks and other financial companies.
- There is a strong bipartisan desire for caps on interest rates and other charges, stopping companies from keeping and selling private information, and holding them to other consumer protections.