Payday loans typically carry annual percentage rates of 300 to 500 percent and are due in a lump sum, or balloon payment, on the borrower’s next payday, usually about two weeks later. These loans are advertised as quick fixes for unexpected expenses, but repaying them consumes more than a third of an average borrower’s paycheck, leading to repeated borrowing for an average of about half the year. Approximately 12 million Americans use payday loans annually, spending an average of $520 in fees to repeatedly borrow $375. In March 2015, the Consumer Financial Protection Bureau (CFPB), the federal agency with authority over payday loans, proposed a framework for regulating these and similar loans. The Pew Charitable Trusts then conducted polling in May to gauge Americans’ views on payday lending, the key elements of the CFPB proposal, and the types of loans that would be likely to result from it.