St. Louis Business Journal: Payday Survey Finds Borrowers are Satisfied

More than 90 percent of payday loan borrowers said their terms and costs were as expected or better than expected, and more than 80 percent said it was easy or somewhat easy to repay, according to a survey commissioned by Community Financial Services Association of America, which represents payday lenders.

The telephone survey, conducted among 1,004 borrowers by Harris Interactive, also found 95 percent of borrowers said it should be their choice whether to use payday loans, not the government’s.

“The great majority of borrowers we surveyed said that, for them, payday loans are an important and valuable credit option that helps them overcome financial shortfalls,” said Humphrey Taylor, chairman of the Harris Poll at Harris Interactive. “Our survey findings reveal almost all borrowers understood the cost of their loans and how long it would take to repay them.”

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