Texans 18+ Support or Opposition to Payday Lenders Charging up to 500% APR (n=600)

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1 AARP s Texas Office commissioned this survey to explore the views of Texans age 18+ on payday and auto-title lender issues. The data from this survey will help to AARP Texas to further support their mission to serve 50+ Texans. These results are based on a phone survey conducted between March 14, 2011 and March 16, A total of 600 Texans 18+ responded, with a sampling error of plus or minus 4 percent at a 95 percent confidence level. Survey responses were weighted to reflect the actual distribution of age and gender for the 18+ Texas population as released by American Community Survey in A weighted, annotated summary of survey responses begins on page 5. SURVEY-IN-BRIEF Three-quarters of Texans 18+ oppose payday lenders charging up to 500% APR (Annual Percentage Rate). Texans 18+ Support or Opposition to Payday Lenders Charging up to 500% APR (n=600) Oppose 75% Don't know/refused 6% Support 6% Neither support or oppose 14% High interest rates were also opposed by over eight in ten Texans 18+ who identify themselves as Democrats (88%) 1 Republicans (82%) 2 Independents (87%) 3 Ninety percent of Texans 50+ oppose payday lenders charging up to 500% APR. (n=474) Nine in ten AARP Texas members oppose payday lenders charging up to 500% APR. (n=223) 1 n=152 2 n=180 3 n= Survey of AARP Texas General Population 18+ on Payday and Auto-Title Lender Issues 1

2 Nearly two thirds (64%) of Texans 18+ support the licensing and regulation of payday lenders. Texans 18+ Support or Opposition to Licensing and Regulating Payday Lenders (n=600) Support 64% Neither support or oppose 11% Don't know/refused 6% Oppose 18% Licensing and regulation for payday lenders was also supported by over half of Texans 18+ who identify themselves as Democrats (53%) 4 Republicans (66%) 5 Independents (77%) 6 At least 60% of Texans 50+ support licensing and regulations for payday lenders. (n=474) Over six in ten (61%) AARP Texas members support licensing and regulation for payday lenders. (n=223) 4 n=152 5 n=180 6 n= Survey of AARP Texas General Population 18+ on Payday and Auto-Title Lender Issues 2

3 Over eighty percent (83%) of Texans 18+ oppose auto-title lenders charging up to 500% APR. Texans 18+ Support or Opposition of Auto Title Lenders Charging up to 500% ARP (n=600) Oppose 83% Don't know/refused 3% Support 5% Neither support or oppose 10% High interest rates were also opposed by over eight in ten Texans 18+ who identify themselves as Democrats (93%) 7 Republicans (87%) 8 Independents (91%) 9 Ninety percent of Texans 50+ oppose auto-title lenders charging up to 500% APR. (n=474) More than nine in ten (93%) AARP Texas members oppose auto-title lenders charging up to 500% APR. (n=223) 7 n=152 8 n=180 9 n= Survey of AARP Texas General Population 18+ on Payday and Auto-Title Lender Issues 3

4 Over two thirds (69%) of Texans 18+ support the licensing and regulation of auto-title lenders. Support 69% Texans 18+ Support of or Opposition to Licensing and Regulations for Auto Title Lenders (n=600) Neither support or oppose 7% Oppose 20% Don't know/refused 4% Licensing and regulation for auto-title lenders was also supported by over half of Texans 18+ who identify themselves as Democrats (57%) 10 Republicans (68%) 11 Independents (73%) 12 Sixty-two percent of Texans 50+ support licensing and regulations for auto-title lenders. (n=474) Over two-thirds (67%) of AARP Texas members support licensing and regulations for auto-title lenders. (n=223) 10 n= n= n= Survey of AARP Texas General Population 18+ on Payday and Auto-Title Lender Issues 4

5 ANNOTATED QUESTIONNAIRE 2011 AARP Texas General Population Survey Texans Age 18+ Years Weighted Annotation (n=600) (Percentages are rounded to the nearest whole number) INTRODUCTION/SCREENER Hello, this is calling from RDD, a national opinion research firm. We are not telemarketers and are not trying to sell you anything. A national organization would like to find out your opinions on some important issues. We are interested in your thoughts about how short-term loans are made to residents in Texas. Your views are important and we would greatly appreciate your participation. Your confidential responses will be summarized and shared. S1. Our study is interested in the opinions of certain age groups. Could you please tell me your age as of your last birthday? [IN YEARS] [RECORD ACTUAL AGE AND USE THE AGE GROUPS BELOW TO KEEP TRACK OF HOW MANY RESPONDENTS WE ARE GETTING IN EACH GROUP] 63% % % 65 or older S2. And just to confirm, are you a resident of Texas? 100% Yes S2A. GENDER RECORD BY OBSERVATION 49% MALE 51% FEMALE CONTEXT [READ] Payday lenders offer small dollar loans in Texas. Typically the borrower gives the payday lender a post-dated check as collateral.. Some payday lenders in Texas have incorporated their businesses in a way that they are not licensed or regulated like other lenders in Texas. There are no limits on the fees these payday lenders can charge, and they may charge up to 500% APR (annual percentage rate) Survey of AARP Texas General Population 18+ on Payday and Auto-Title Lender Issues 5

6 2011 AARP SURVEY OF TEXANS AGE 18+ ON PAYDAY AND 1. How strongly do you support or oppose payday lenders in Texas charging up to 500% APR (Annual Percentage Rate)? Do you?[read EACH ITEM] 4% Strongly support 2% Somewhat support 14% Neither support or oppose 7% Somewhat oppose 68% Strongly oppose 6% Don t know [Do not read] 0% Refused[Do not read] 2. How strongly do you support or oppose licensing and regulations for payday lenders in Texas? Do you?[read EACH ITEM] CONTEXT [READ] 49% Strongly support 15% Somewhat support 11% Neither support or oppose 3% Somewhat oppose 15% Strongly oppose 6% Don t know [Do not read] 0% Refused[Do not read] Auto-title lenders also offer small dollar loans in Texas. The borrower gives their car title as collateral, and their car can be repossessed if they default on the loan. Some auto-title lenders in Texas have incorporated their businesses in such a way that they are not licensed or regulated like other lenders in Texas. There are no limits on the fees they can charge, and they may charge up to 500% APR (annual percentage rate) 1. How strongly do you support or oppose auto-title lenders in Texas charging up to 500% APR (Annual Percentage Rate)? Do you? [READ EACH ITEM] 3% Strongly support 2% Somewhat support 10% Neither support or oppose 11% Somewhat oppose 72% Strongly oppose 2% Don t know [Do not read] <1% Refused[Do not read] 2011 Survey of AARP Texas General Population 18+ on Payday and Auto-Title Lender Issues 6

7 2011 AARP SURVEY OF TEXANS AGE 18+ ON PAYDAY AND 2. How strongly do you support or oppose licensing and regulations for auto-title lenders in Texas? Do you?[read EACH ITEM] DEMOGRAPHICS 54% Strongly support 15% Somewhat support 7% Neither support or oppose 4% Somewhat oppose 16% Strongly oppose 4% Don t know [Do not read] <1% Refused[Do not read] D1. Do you consider yourself to be a Democrat, a Republican, an Independent, or something else? [RANDOMIZE] 22% Democrat, 29% Republican 26% Independent 14% Something else? 5% Not sure[do not read] 4% Refused[Do not read] D2. How would you characterize your political views? [READ EACH ITEM] 20% Very Conservative 24% Somewhat Conservative 29% Moderate 10% Somewhat liberal 4% Very liberal 7% None of the above 5% Not sure[do not read] 1% Refused[Do not read] D3. [IF S1=age 50 or older, ASK Are you or your spouse currently a member of A-A-R-P? 45% Yes 53% No <1% Don t know [Do not read] 1% Refused [Do not read] That was our last question for tonight. Thanks you very much for taking the time to help us out. Have a great day/night! 2011 Survey of AARP Texas General Population 18+ on Payday and Auto-Title Lender Issues 7

8 AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world's largest-circulation magazine with over 34.5 million readers; AARP Bulletin, the go-to news source for AARP's 40 million members and Americans 50+; AARP Segunda Juventud, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP.org. AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Copyright 2011 AARP Knowledge Management 601 E Street NW Washington, DC Reprinting with Permission For more information about this survey, please contact Aisha A. Bonner at: or abonner@aarp.org