21 December, 2013: Reacting to a nationwide effort to pass restrictions on payday loans, the trade association for the lenders released the results of its own survey Wednesday.

At both state and local levels, there has been a recent renewed interest on regulation. The premise behind the loans is simple. In need of a short-term loan, borrowers get a small amount of money, $50 to $350, and repay it in a couple weeks on the next payday.

The criticism surrounding the payday loan industry revolves around the idea that the payday loan industry works by manipulating those people already struggling who find themselves very quickly drowning in fees and additional loans.

In a poll issued by Community Financial Services Association, almost 95% of 1,004 customers who had taken out a loan of less than $700 dollars firmly stated that it was up to them to decide whether or not to use payday lending. This survey is the most comprehensive picture of payday loan borrowers real experiences and opinions, and is a direct reflection on current and evolving borrower’s attitudes.

“The issue of free-choice comes into play,” says Seth Demilio, head director of www.payday-31.com.“A majority of people are calling for tighter restrictions, but there is a growing trend of consumers asking to take back their right to decide for themselves.”

“If you look at the way this market has been evolving you are getting tension from both sides,” says Demilio. “Despite the criticism, people are choosing to use payday loans more than ever. It’s a direct indication that as the old large scale credit loans are being left behind, the payday loan market offers a direct alternative.”

What’s more, Demilio states that customers are educated in understanding the terms of their loans — and are resistant to the government’s blanket statement of being taken advantage of.

“What rings loudly and clearly is that the loan borrower does know what they are choosing, and they value highly having this type of credit option available. Using this credit option responsibly is a direct counter to criticism.”

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