Consumer Borrowing after Payday Loan Bans

Federal Reserve Board

Stanford Law Class

Abstract

High-interest payday loans have actually proliferated in modern times; therefore have efforts to too manage them. Yet exactly exactly exactly how borrowers answer such laws continues to be mostly unknown. Drawing on both administrative and study information, we exploit variation in payday-lending legislation to review the consequence of pay day loan limitations on customer borrowing. We discover that although such policies work at reducing payday financing, customers react by moving with other kinds of high-interest credit (as an example, pawnshop loans) as opposed to old-fashioned credit instruments (for instance, charge cards). Plus »

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