Posts from: October 2013

Poll Shows Bipartisan Support for Regulation of Payday Lending Industry

A recent poll of over 1,000 likely national voters conducted by Lake Research Partners indicates strong consumer support for financial regulation. Participants were especially outspoken about the payday lending industry; findings include:

  • Over 70 percent of participants had an unfavorable opinion about payday lenders with 57 percent of total respondents describing their opinion as very unfavorable. Conversely, only 3 percent of respondents expressed their opinion as very favorable and 7 percent as somewhat favorable.
  •  When asked how important it is to regulate financial services and products to make sure they are fair for consumers, over 90 percent of respondents believed it to be very or somewhat important. Financial regulation was overwhelmingly supported by likely voters who identify as Democrats (96 percent) and those who identify as Republicans (89 percent).
  • Almost half (41 percent) of respondents identified payday lending as a financial service in need of tougher regulation and oversight to protect consumers. This was the number one response among voters of both party affiliations beating out credit cards (33 percent) and student loans (22 percent).
  • Participants were asked to rate their support for the statement, “Small-dollar lenders must make sure a loan is affordable in light of a customer’s income and expenses.” Almost two-thirds (65 percent) of respondents strongly supported the statement and 24 percent were somewhat supportive. Only 8 percent of likely voters were somewhat or strongly opposed to the statement.

Click here to view the full poll results.

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