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portada Payday Lending Regulation
Type
Physical Book
Publisher
Author
Language
English
Pages
40
Format
Paperback
Dimensions
28x21.6x0.2 cm
Weight
0.12 kg.
ISBN13
9781503283527
Categories

Payday Lending Regulation

Federal Reserve Board (Author) · Createspace · Paperback

Payday Lending Regulation - Federal Reserve Board

New Book Imported to South Africa
Delivery: 19 Oct - 30 Oct Shipping: 16 to 20 business days.
R 407
R 407

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Synopsis "Payday Lending Regulation"

To date the debate over payday lending has focused on whether access to such lending is on net beneficial or harmful to consumer welfare. However, payday loans are not one product but many, and different forms of lending may have different welfare implications. The current diversity in payday lending stems from the diverse ways in which states have regulated the industry. This paper attempts to quantify the effects that various regulatory approaches have had on lending terms and usage. Using a novel institutional dataset of over 56 million payday loans, covering 26 states for nearly 6 years, I find that price caps tend to be strictly binding, size caps tend to be less binding, and prohibitions on simultaneous borrowing appear to have little effect on the total amount borrowed. Minimum loan terms affect loan length while maximum loan terms do not. Repeat borrowing appears to be negatively related to rollover prohibitions and cooling-off periods, as well as to higher price caps. Several states have used law changes to sharply cut their rate of repeat borrowing. However, this process has been disruptive, leading to lower lending volumes and, in at least one case, higher delinquency.

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